A FOURTH stimulus package could be on the way this year, after a disappointing jobs report in August last month added just 235,000 new jobs, experts speculate.
The total number of new jobs created in August was far less than the 720,000 economists had predicted.
The number of jobs created last month could be adjusted in the coming days, but will still not be enough to meet the expected figure.
The national unemployment rate did fall from 5.4 percent in July to 5.2 percent in August, which is good news for the national economic recovery.
Yet millions of Americans remain unemployed this week as the extra $300 in weekly unemployment benefits ends.
On September 6, as many as 7.5 million unemployed citizens who have lost their jobs as a result of the Covid-19 pandemic will stop receiving temporary unemployment benefits.
The “benefit slip” will affect more than 11 million Americans who will either lose all of their benefits or else see a smaller check each week, the Century Foundation estimates.
in California, the employment development department states that no payment would be made after September 4 – “even if you have a balance on your claim at that time.”
Labor Day and the days before are expected to be a nightmare for the millions of Americans who will lose their $300 check.
Despite the financial difficulties that many Americans are currently facing and ongoing calls for additional stimulus, economists do not believe there is a basis for a fourth bailout.
Read our stimulus checks live blog for the latest updates on Covid-19 aid…
The unemployment rate, while still high, is significantly below the unemployment rate of 14.7 percent as of April 2020 and is slowly creeping back to pre-pandemic levels, according to The Ascent.
The availability of vaccines has also given staff more security against shutdowns.
And the return of face-to-face learning in schools has helped address the problem of childcare concerns for many Americans who were unable to work from home because their children had to learn remotely.
Americans in need of extra money have also been helped by other types of emergency aid, such as the Advanced Child Tax Credit direct monthly payments and the incentive funds available to caregivers and renters.
The number of Americans filing new jobless claims fell to a 17-month low in August, Reuters reported.
SPIKE IN UNEMPLOYMENT CLAIMS
Last week, however, for the first time in five weeks, the number of Americans filing for unemployment benefits rose as the economy and labor market recover solidly from the coronavirus outbreak.
Unemployment claims rose 4,000 to 353,000 from a pandemic low of 349,000 a week earlier, the Labor Department reported Thursday.
The four-week average of claims, which shows volatility leveling off week-to-week, fell 11,500 to 366,500 — the lowest since mid-March 2020, when the coronavirus began to beat the US.
The weekly count has fallen more or less steadily since exceeding 900,000 in early January as the rollout of Covid-19 vaccines has helped the economy – encouraging businesses to reopen or extend their opening hours and consumers from their homes to restaurants, bars and lure shops.
“We expect unemployment benefit claims to remain on a downward path as the labor market continues to recover, but progress will be more erratic as claims approach pre-pandemic levels,” said economists Nancy Vanden Houten and Gregory Daco of Oxford Economics in a study. Remark.
A resurgence in matters related to the highly contagious Delta variant has also clouded the economic outlook.
DELTA BAD WORK DEBT REPORT
On Friday, President Joe Biden said there was no doubt that the variant is the reason the jobs report was so bad.
He added that next week he would outline his administration’s next steps to fight the Delta variant.
“We need to make more progress in the fight against the Delta variant,” Biden said.
Struggling Americans are pushing for $2,000 stimulus checks to be sent monthly as the Delta Covid variant continues to ravage the US.
With pressure mounting the number of cases and deaths, desperate families are calling for Congress to reach out more financially — with more than 127,000 people signing an online petition last month.
Since the US bailout was passed in March, the IRS has issued more than 169 million checks worth up to $1,400 in federal aid.
That round of stimulus payments, the third since the start of the pandemic, followed the $1,200 checks issued in March 2020 under the CARES law, and a $600 payment that came in December as part of an emergency measure.
Despite this, millions of Americans continue to find themselves in financial straits, leading many to demand that more payments be sent.
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