Sumary of Here’s What Could Happen When $300 Unemployment Expires, According To Goldman Sachs:
- The analysts note that it too soon to say how the early end of benefits will affect official employment statistics—that insight will likely be contained in the July jobs report the Labor Department will publish in August..
- That said, claims for regular state unemployment insurance benefits have fallen faster in states that have announced they will end the supplement early—the analysts say this is a “hint”.
- that hiring will pick up once the benefits are phased out but note that other data like the volume of job postings don’t yet support that conclusion..
- Based on previous academic studies, the analysts estimate that a typical worker receiving regular state benefits will see those benefits drop by 50% once the $300 supplement expires in their state, and the duration of their unemployment would fall roughly 25%..
- That how much local economies in the 24 red states that had announced an early termination of the $300 federal supplement as of June 2 are expected to lose as a result of ending the benefit early, according to a report from Congress’ Joint Economic Committee..
- Surprising Fact On Thursday, Louisiana became the first state with a Democratic governor to announce the early expiration of the $300 supplement…