Unemployment

Chad Stone on the June Jobs Report

The June jobs report contains encouraging signs that the labor market is healing but also reminders that it remains far from fully healed. Payroll employment jumped by 288,000 in June and the unemployment rate fell to 6.1 percent. While employment increased sharply and unemployment fell, there was little net growth in the labor force, leaving the percentage of people with a job well below where it was at the start of the Great Recession. Nearly a third of the unemployed have been looking for work for 27 weeks or longer and encounter more re-employment obstacles than the typical jobseeker. That’s why Congress should act immediately to restore emergency federal unemployment insurance.

Backgrounders:

 

Emergency Jobless Benefits Cut-Off Has Hit Nearly 300,000 Veterans

The number of jobless veterans who’ve lost access to federal jobless benefits since Congress allowed Emergency Unemployment Compensation (EUC) to expire at the end of last year — which we estimated at the end of February was close to 200,000 and counting — will reach an estimated 285,000 by the end of this month.

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Background

The federal-state unemployment insurance (UI) system helps people who have lost their jobs by temporarily replacing part of their wages.  Created in 1935, UI is a form of social insurance, with contributions being paid into the system on behalf of working people so that they have income support if they lose their jobs.  UI also helps sustain consumer demand during economic downturns, by providing a continuing stream of dollars for families to spend.

The UI system includes an extended benefits program, which provides additional weeks of benefits to jobless workers in states where the unemployment situation has worsened dramatically.  In addition, during and just after recessions, the federal government has historically provided funding for additional weeks of benefits in all states.

By the Numbers

Number of People Kept Out of Poverty by Unemployment Insurance
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