Posted on 06/27/2021 5:07:27 PM PDT by E. Pluribus Unum
The unemployment rolls are shrinking faster in states that have axed federally boosted payments as the economic carnage from the COVID-19 pandemic eases, a new report said.
The 21 states that have ended or will end the beefed-up payments in June saw a 13.8 percent drop since mid-May in the number of people receiving unemployment benefits, the Wall Street Journal reported on Sunday.
The four states planning to end the benefits in July and September saw 10 percent and 5.7 percent drops, respectively, the Journal said, citing an analysis by Jefferies LLC.
“You’re starting to see a response to these programs ending,” Aneta Markowska, chief financial economist for Jefferies, told the outlet.
COVID-19 relief that boosted weekly unemployment payments by $300 per person will expire Sept. 6 but many states have plans to end the benefits earlier.
The additional payments have contributed to a labor shortage, those in favor of cutting the benefits have said, while others argue other economic and pandemic-related issues are keeping people out of work, WSJ said.
Workers may still receive unemployment benefits on their states’ programs when the additional payments end, the newspaper noted.
Four states cut off the payments June 12, seven states ended them a week later and 10 more states were scheduled to opt out this weekend, the Journal said.
Four others plan to scrap the extra payments next month.
(Excerpt) Read more at nypost.com ...
Uhhhh duhh.
A regular Sherlock Holmes the author is.
Of course, what you don’t subsidize will shrink to its “natural” size.
fixed it.
Never in my lifetime have I seen more “help wanted” signs in front of businesses. Never even close to this.
Went to a ballgame a few nights ago. 45 minutes for a hotdog and a beer. Why? Because the ballpark can’t hire enough people to man all of their concessions stations. People can make more by doing nothing ... for now.
Bad news if you are the last one spending the money. Great news if you are a Communist Revolutionary trying to destroy the Middle Class.
The Dems are purposely creating a labor shortage as a way of forcing management to dramatically increase salaries and wages. I know because “Whispering Joe” said so.
Lost on these numskulls is the fact that businesses will then increase their prices accordingly, thereby wiping out any economic gains made by the workers.
What a clown car the Biden Administration is.
Had only one or two humorous moments, and only by courtesy of these two gals:
Wow....Capt Obvious now writing for the NY Post.
My landscaping business is booming. Why? Because service workers won’t show up for interviews or consults. And so, my competition is lower.
And my assistants are hard working, young conservative guys who don’t take unemployment.
I will take full advantage of this opportunity as long as I can. When the handouts cease, my business will drop considerably.
In their defense, our overlords probably do not know anyone who works for a living. Getting paid to do nothing is normal to them.
“You do duh Maff!”
LOL!
What most people fail to understand is that the covid pandemic assistance payment wasn’t just for the fully unemployed, it was also to make up for any income lost due to the pandemic, even if you weren’t completely unemployed. For instance, if you still worked, but lost an additional side job you had on the weekends due to the pandemic, you could still collect money for that lost income.
We just gave all our machinists $2/3 raises,so they wouldn’t leave.
Even the Waffle Houses are closing at night due to a lack of help.
Duh
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