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We’re all still processing the results of the election, but another unemployment report was released this morning, and it serves as another reminder of the unfinished business before the current Congress and WH. https://twitter.com/byHeatherLong/status/1324344244165894150
New initial claims refuse to drop below 1 million per week (738,166 for state UI, 362,883 for PUA last week), and actually ticked upwards on a non-S.A. basis last week. Still, the real takeaway is the harsh cliff facing workers on December 26.
State UI benefits max out at 26 weeks. Since most workers began collecting these payments in March or April, they are quickly coming to an end this fall.
3 million workers ran out of benefits in September, and another 4 million may run out by the end of October.
3 million workers ran out of benefits in September, and another 4 million may run out by the end of October.
Continued (not new) state UI claims dropped to 6.9 million during the week ending 10/24, and are down 3.9 million over the last month. Most of these workers remain unemployed -- no, we should not be fooled by this downward trend.
The Labor Department reports that 4 million of these workers have flowed onto extended PEUC aid -- a program that will expire on Dec. 26 without further stimulus.
Even that is an undercount, as FL and GA both report zero PEUC claims to DOL, but separate data from these two southern states themselves indicates there are at least half a million workers receiving PEUC benefits in those two states. http://lmsresources.labormarketinfo.com/covid19/initial_claims.html
Millions more will be cut off from benefits on 12/26 when PUA expires. PUA claims have declined far more slowly than state UI benefits, coming in at 9.3 million for the week ending 10/17, only down 2.1 million over the last two months.
There are simply not enough jobs to support all of the workers who will lose aid before the end of 2020. It’s time to reach a deal that keeps the lifelines of PEUC and PUA going into next year. We urgently need action before the holiday season.
