Fewer Americans are claiming benefits | Frame Heslop

America spent $6 trillion in financial aid. $804 billion of that amount was rewarded as stimulus checks. This money has benefited low and middle income individuals and families. The money was sent via three rounds of stimulus payments.

But Americans also received help from unemployment benefits. During the pandemic, safety nets for the unemployed have expanded to historic levels. On $794 billion benefits were delivered between March 2022 and July 2021. Unemployed beneficiaries received approximately $1.5 billion total per week. Unemployment claims hit a record high of 6.137 million at the start of April 2020.

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More Americans have joined the labor force

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

However, it is an improvement. Employment gains are still below economists expected. For February 2020 employment figures to be returned, the economy needs to add 1.6 million more workers. The number of unemployed fell to 6 million in March. The number of permanent job losers fell to 1.4 million.

Weekly unemployment insurance claims down

As more Americans return to work, jobless claims decline. The drop brings the number of claims down to one Low for 53 years. Complaint requests escaped 5,000. Claims for state unemployment benefits are reduced to 166,000 candidates. States with huge payment declines were Michigan and Texas. This change lag increases in California, Ohio and Pennsylvania.

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*Financial 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 therein are not intended to be a source of advice or credit analysis regarding the material presented, and the information and/or materials contained in this article do not constitute an investment, l money or financial advice. Ideas, figures and strategies should never be used without first assessing your own personal and financial situation, or consulting a financial professional. The author is not a financial advisor. This is not a place to give or receive financial, tax or legal advice, or advice regarding investment decisions.*

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