Fewer Americans Are Claiming Benefit Payments

Cadrene Heslop

America has spent $6 trillion on relief money. $804 billion of this amount got awarded as stimulus checks. This money benefited low and middle-income individuals and families. The money got sent out via three rounds of stimulus payment.

But Americans also received help from unemployment benefits. During the pandemic, jobless safety nets expanded at historic levels. About $794 billion in benefits got issued between March 2022 and July 2021. Unemployed recipients received about $1.5 billion in total per week. Unemployment claims had a record high of 6.137 million in early April 2020.

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More Americans Have Joined The Labor Force

About 431,000 workers joined the American workforce in March. The unemployment rate is now at a low of 3.6%. This rate comes close to the pre-pandemic 2019 figure of 3.5%.

Though, it is an improvement. The job gains are still lower than economists expected. For February 2020 employment numbers to return, the economy needs to add 1.6 million more workers. The number of unemployed people fell to 6 million in March. Permanent job loser numbers are down to 1.4 million.

Weekly Jobless Claims On The Decline

With more Americans heading back to work, filings for unemployment benefits are declining. The drop brings claim numbers back down to a 53-year low. Claim applications slipped by 5,000. State unemployment benefit claims are down to 166,000 applicants. The states with huge payment drops were Michigan and Texas. This change offset increases in California, Ohio, and Pennsylvania.

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*Money Finance Advice Disclaimer: This article is for informational and entertainment purposes only. It should not be considered professional financial or legal advice. The article and the information contained herein are not intended to be a source of advice or credit analysis concerning the material presented, and the information and/or documents contained in this article do not constitute investment, money, or financial advice. The ideas, numbers, and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. The author is not a financial advisor. This is not a place for the giving or receiving of financial, tax, or legal advice, or advice concerning investment decisions.*

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