Unemployment

Chad Stone Statement on July's Jobs Report

July’s solid jobs report shows a labor market that’s moving in the right direction but still has a ways to go before everyone who wants to work has a reasonable chance of finding a suitable job.  Long-term unemployment (more than 26 weeks) remains a particular problem, and Congress dealt the long-term unemployed a harsh blow when it allowed federal emergency jobless benefits to expire prematurely at the end of last year.  Seven months later, long-term unemployment remains higher than when any of the previous seven emergency unemployment programs expired after previous recessions (see chart).  In addition, the share of the population with a job remains well below where it was at the start of the recession.

Trends:

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 — reaching an estimated 285,000 at the end of June.

Related:

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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