Job Market Monitor
UI
UI in US – States are using COVID relief funds to pay off unemployment insurance debt
Because the COVID-19 pandemic and ensuing recession led to skyrocketing unemployment rates in early 2020, 23 states were forced to take out federal loans to continue paying out unemployment insurance (UI) benefits. While interest was initially waived on these loans, these debts started to collect interest after Labor Day of 2021. In recent months, many … Continue reading
Pandemic UI in US – Ending it increased employment by 4.4 pp while reducing UI recipiency by 35 pp
In June 2021, 22 states ended all supplemental pandemic unemployment insurance (UI) benefits, eliminating benefits entirely for over 2 million workers and reducing benefits by $300 per week for over 1 million workers. Using anonymous bank transaction data and a difference-in-differences research design, we measure the effect of withdrawing pandemic UI on the financial and … Continue reading
Unemployment Insurance (UI) System in US – A plan to reform it
The unemployment insurance (UI) system has played an important role in delivering relief during the current pandemic. At the same time, this experience has highlighted the important challenges facing the UI system due to poor and underfunded administrative capacities, too few unemployed workers qualifying for UI benefits, inadequate levels of regular UI benefits, lack of … Continue reading
Unemployment Insurance (UI) – Lessons from the American federal‐state system
This article reviews practices in the United States (US) federal‐state unemployment insurance (UI) system regarding applicant eligibility, benefit generosity, benefit financing and emergency measures with the aim of revealing lessons for a possible European unemployment benefit system (EUBS) for European Union (EU) Member States. We overview the US system for UI and examine important areas … Continue reading
UI during COVID in US – How to improve it
This panel will focus on changes in unemployment insurance (UI) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and how lessons from these changes can guide reform of the federal-state UI system. For example, what lessons does the CARES Act UI payments experience offer on how we can better promote an equitable recovery? … Continue reading
Pandemic Unemployment Assistance in US ($600 weekly by UI) – Extension would support millions of workers: See updated state unemployment data | Economic Policy Institute
As of last week, DOL reported that over 15 million workers across 48 states and the District of Columbia are receiving or waiting on a decision for Pandemic Unemployment Assistance (PUA) benefits, which underscores the importance of extending benefits to those who would otherwise not have been eligible. Five states have at least a million … Continue reading
COVID, UI and Fiscal Policy – Enhancing automatic stabilizers, especially improving unemployment benefit systems and social safety nets, can protect household incomes FMI says
This chapter argues that fiscal policies are at the forefront of facilitating an economic recovery from the COVID-19 pandemic once the Great Lockdown ends. Policymakers can achieve this objective with IDEAS: Invest for the future—in health systems, infrastructure, low carbon technologies, education, and research; adopt well-planned Discretionary policies that can be deployed quickly; and Enhance … Continue reading
COVID – UI in US and in Europe
Consider an average full-time employee in the food industry, who earned around $500 per weekbefore the coronavirus crisis. Average weekly unemployment insurance last year was $378, and now with the extra $600 from the coronavirus relief law, that worker could collect $978 in unemployment benefits each week for two months — nearly double what he … Continue reading
UI Claims in US (week ending April 25) – 3,8 M , which brings the rolling six-week figure to 30.3 M
The total brings the rolling six-week figure to 30.3 million. In the week ending April 25, the advance figure for seasonally adjusted initial claims was 3,839,000, a decrease of 603,000 from the previous week’s revised level. The previous week’s level was revised up by 15,000 from 4,427,000 to 4,442,000. The 4-week moving average was 5,033,250, … Continue reading
COVID and UI in US – Changes in state Unemployment Insurance rules
The COVID-19 pandemic led to an unprecedented expansion in unemployment insurance (UI) eligibility across states. While more than forty states had modified UI rules by the end of March, not all states responded in the same way. In this article, I summarize the changes to state UI rules in response to the crisis and explore … Continue reading
CARES Act and UI in US – The three new programs
Pandemic Unemployment Compensation (PUC) From the date the bill is signed through July 31, 2020, all regular UI and Pandemic Unemployment Assistance claimants will receive their usual calculated benefit plus an additional $600 per week in compensation. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. A … Continue reading
COVID and UI in US – Maximum UI benefits will exceed 90 percent of average weekly wages in all states
WHAT HAS CONGRESS ALREADY DONE TO ADDRESS THE CURRENT CRISIS? The CARES Act—a $2 trillion relief package aimed at alleviating the economic fallout from the COVID-19 pandemic—extends the duration of UI benefits by 13 weeks and increases payments by $600 per week through July 31st. This implies that maximum UI benefits will exceed 90 percent … Continue reading
COVID, Cares Act and UI in US – States struggle to pay out the extra $600
Most other states have started to provide the extra federal jobless aid, though many did so only this week, nearly a month after businesses began shutting down across the country because of the coronavirus outbreak. At least 32 states will provide the extra federal benefits by the end of this week. California, the most populous … Continue reading
COVID and Labor Shortages in US – Wanted: People who know COBOL for UI program coding
On top of ventilators, face masks and health care workers, you can now add COBOL programmers to the list of what several states urgently need as they battle the coronavirus pandemic. In New Jersey, Gov. Phil Murphy has put out a call for volunteers who know how to code the decades-old computer programming language called … Continue reading
Unemployment Insurance in US – State program loans from the Treasury larger than in any previous recession research finds
The Great Recession of 2007–2009 and its aftermath have posed the most serious challenge to unemployment insurance (UI) financing since the state UI programs were established during the late 1930s. Since 2008, 36 of the 53 state UI programs have borrowed from the U.S. Department of the Treasury (Treasury) to finance benefit payments in the … Continue reading
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