Pandemic unemployment benefits just expired. What will families do now?

The federal pandemic unemployment benefits program ends Monday, leaving millions to wonder how they’ll make ends meet for their families. An estimated 7.5 million people will be affected, according to calculations by the Century Foundation, a progressive think tank. An additional 2.1 million unemployed people will lose the $300 per week federal supplement. Since the… Continue reading Pandemic unemployment benefits just expired. What will families do now?

Unemployment may not return to Trump lows: Fed official

KC Fed president on Jackson Hole, inflation, tapering measures Kansas City Federal Reserve President Esther George, in a wide-ranging exclusive interview, argued that tapering should happen ‘sooner rather than later’ and predicted ‘high growth’ for the U.S. economy this year. The U.S. unemployment rate may not return to the more than half-century lows recorded under… Continue reading Unemployment may not return to Trump lows: Fed official

U.S. Job Growth Exceeds Estimates In July, Unemployment Rate Drops To Pandemic-Era Low

A closely watched report released by the Labor Department on Friday showed U.S. employment soared by more than expected in the month of July. The Labor Department said non-farm payroll employment spiked by 943,000 jobs in July after surging by an upwardly revised 938,000 jobs in June. Economists had expected employment to jump by 870,000… Continue reading U.S. Job Growth Exceeds Estimates In July, Unemployment Rate Drops To Pandemic-Era Low

Wages are finally going up and that's going to have to continue to get people back to work

Economists have been wringing their hands over the continued difficulty in getting people back to work. One commonly cited factor keeping some workers idled is generous unemployment benefits combined with wages that are too low. Average hourly earnings rose 3.6% in June, above the trend before the pandemic. Surveys indicate that pay increases and other… Continue reading Wages are finally going up and that's going to have to continue to get people back to work

Black Unemployment 77% Higher Than White Last Month

The U.S. economy added 850,000 jobs in June, an extraordinary recovery from the Spring of 2020 when the COVID-19 pandemic drove the jobless rate to near Great Depression levels. The national unemployment rate dropped to 5.8% according to the U.S. Bureau of Labor Statistics “THE EMPLOYMENT SITUATION — JUNE 2021”. The report also showed a… Continue reading Black Unemployment 77% Higher Than White Last Month

Texans Sue Gov. Abbott for Ending $300 Weekly Federal Unemployment Payments Early

More than 30,000 people are suing Texas Governor Greg Abbott over his early cessation of $300-per-week supplemental federal unemployment payments for state residents during the pandemic. The group of plaintiffs organized through Facebook groups created to help unemployed Texans navigate the state’s bureaucracy to claim benefits. They argue in the suit that Abbott did not have… Continue reading Texans Sue Gov. Abbott for Ending $300 Weekly Federal Unemployment Payments Early

Analysis: Push to end pandemic benefits may not be panacea for U.S. labor shortage

WASHINGTON (Reuters) – The 25 U.S. states calling an early halt to pandemic-related federal unemployment benefits have recovered more of the jobs lost during the crisis than other states, possibly limiting how much of a dent ending the weekly $300 payments will make in the national battle to fill record job vacancies.FILE PHOTO: FILE PHOTO:… Continue reading Analysis: Push to end pandemic benefits may not be panacea for U.S. labor shortage

Half of all unemployment money was stolen by criminals during pandemic, experts say

Biden admin doubles down on extended unemployment as job growth slows FOX Business’ Jackie DeAngelis and Strategic Wealth Partners President and CEO Mark Tepper discuss the labor shortage. Unemployment fraud surged during the coronavirus pandemic, with billions of dollars likely ending up in the hands of foreign crime syndicates based in China, Russia and other… Continue reading Half of all unemployment money was stolen by criminals during pandemic, experts say

Unemployment Benefit Cuts Start This Weekend

Shannon Meyer of Louisburg, Missouri, is about to lose the $363 weekly income the federal government has paid her since last year, when she stopped working as a home health aide because of the coronavirus pandemic.  “I will go back to being very, very poor and not paying any money on anything except basic necessities,”… Continue reading Unemployment Benefit Cuts Start This Weekend

IRS can seize unemployment tax refunds for unpaid debts

Dems raising taxes is ‘biggest economic blunder in our lifetime’: Rep. Kevin Brady Rep. Kevin Brady, R-Texas, on how the Democrats raising taxes will lead to companies moving out of the U.S. He also discusses the decision to not seek reelection. The IRS began issuing refunds this week to Americans who overpaid taxes on unemployment… Continue reading IRS can seize unemployment tax refunds for unpaid debts

10-year Treasury yield tops 1.66% with Fed meeting minutes in focus

Minutes from the Federal Open Market Committee's meeting in April are due to be published at 2 p.m. ET. Fed Vice Chair for Supervision Randal Quarles is set to make a speech on supervision and regulation before the U.S. House of Representative's Committee on Financial Services at 10 a.m. ET. The 10-year U.S. Treasury yield… Continue reading 10-year Treasury yield tops 1.66% with Fed meeting minutes in focus

Black Unemployment 60% Higher Than National Figure

The U.S. Bureau of Labor Statistics released its “The Employment Situation–April 2020”. Total nonfarm payroll employment rose by 266,000 from March. The jobless rate was 6.1%. At 9.7%, the Black unemployment rate was 60% higher than the national figure. A great deal of the U.S. employment picture has changed since the pandemic-driven recession took hold in… Continue reading Black Unemployment 60% Higher Than National Figure

Economy surges to start the year as GDP jumps 6.4% in the first quarter

First-quarter GDP for 2021 increased at a 6.4% rate, just below the Dow Jones estimate. That marked the second-fastest pace for growth since the second quarter of 2003 and was exceeded only by the reopening-fueled burst of Q3 in 2020. Initial jobless claims fell to a fresh pandemic-era low but were higher than expected. Economic… Continue reading Economy surges to start the year as GDP jumps 6.4% in the first quarter

Tax flight was a myth, but Covid-19 may change that

Many, including sociologist Cristobal Young have said that wealthy individuals are neither as concerned with taxes nor as mobile as policymakers often think. That could change post-pandemic, however, as many wealthy individuals are no longer bound to their offices or their children's schools as they once were. States like New Jersey and New York have… Continue reading Tax flight was a myth, but Covid-19 may change that

How to claim your unemployment tax break on 2020 benefits

If you lost a job in 2020 and received unemployment benefits to make ends meet, Congress this month approved a tax break for you. The catch, though, is the break came in the middle of tax season — after forms had been printed and after many already filed their returns. The Denver Post consulted the… Continue reading How to claim your unemployment tax break on 2020 benefits

Unemployment claims remain a distress signal, even as recovery takes hold.

The surge in unemployment filings last March provided one of the first clear warnings of the havoc the pandemic was wreaking on the American economy. One year later, that klaxon is still blaring. Data from the Labor Department on Thursday morning is expected to show that more than 700,000 people filed first-time applications for state… Continue reading Unemployment claims remain a distress signal, even as recovery takes hold.

U.S. Employment Shows Modest Rebound In January

Employment in the U.S. saw a modest increase in the month of January, according to a closely watched report released by the Labor Department on Friday. The report said non-farm payroll employment edged up by 49,000 jobs in January after plunging by a revised 227,000 jobs in December. Economists had expected employment to rise by… Continue reading U.S. Employment Shows Modest Rebound In January

Unemployment aid not reaching millions of out-of-work Americans, new study suggests

Too much stimulus will lead to inflation: Brian Brenberg The King’s College in Manhattan Business Professor Brian Brenberg weighs in on policy under the Biden administration so far, the upcoming coronavirus stimulus package and school closures. Congressional Democrats are trying to fast-track a nearly $2 trillion coronavirus relief proposal that would extend the existing supplemental unemployment benefits,… Continue reading Unemployment aid not reaching millions of out-of-work Americans, new study suggests

Regular unemployment claims in Colorado at highest level since early July

Regular unemployment claims in Colorado are running at their highest level in four months as tighter restrictions to fight COVID-19 squeeze economic activity around the state. The number of claims that displaced workers filed under the state’s regular unemployment insurance program shot up to 9,171 on the week of Nov. 14, a 22% increase from… Continue reading Regular unemployment claims in Colorado at highest level since early July

U.S. Employment Jumps More Than Expected, Unemployment Rate Drops To 6.9%

Employment in the U.S. increased by more than expected in the month of October, according to a closely watched report released by the Labor Department on Friday. The report said non-farm payroll employment jumped by 638,000 jobs in October after surging up by a revised 672,000 jobs in September. Economists had expected employment to increase… Continue reading U.S. Employment Jumps More Than Expected, Unemployment Rate Drops To 6.9%

Why Trump Voters Used The Economy As An Excuse To Vote For Him

Donald Trump will leave office with the economy considerably worse off compared to where it was when he was elected four years ago. The unemployment rate hit 6.9% in October, down from record double-digits in April, the Labor Department announced Friday. This is an improvement, but when Trump was inaugurated in 2017, it was 4.8%. The… Continue reading Why Trump Voters Used The Economy As An Excuse To Vote For Him

Colorado unemployment insurance premiums won’t spike next year

Colorado employers will need to replenish the billions of dollars that have gone out in state unemployment benefits, but most shouldn’t see a big jump in insurance premiums next year, although that could change in 2022 and beyond. “We are seeing a historically high level of claims filed since March,” Ryan Gedney, a senior labor… Continue reading Colorado unemployment insurance premiums won’t spike next year

U.S. Weekly Jobless Claims Unexpectedly Climb To 898,000

First-time claims for U.S. unemployment benefits unexpectedly increased in the week ended October 10th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims climbed to 898,000, an increase of 53,000 from the previous week’s revised level of 845,000. Economists had expected jobless claims to edge down to… Continue reading U.S. Weekly Jobless Claims Unexpectedly Climb To 898,000

U.K. Pandemic Jobs Data Face Revisions as ONS Tweaks Methodology

U.K. unemployment data covering the months of the pandemic could be revised higher after the Office for National Statistics identified that restrictions to control the coronavirus led to a quirk in their collection methods. With researchers no longer being able to knock on doors to collect data, the ONS found its survey included a higher… Continue reading U.K. Pandemic Jobs Data Face Revisions as ONS Tweaks Methodology