Unemployment Update 10-8-20: PUA Cash Cliff? Last State Pay LWA Unemployment Benefits Weekly Jobs

Happy Thursday, which means a brand new weekly jobs report from the Department of Labor.

This week’s report brought some not so great news, as the actual figures were slightly higher than last week and underperformed the estimates of those DOW Jones economists.

The weekly report showed that 840,000 Americans filed their first time unemployment claims, which is up just a bit from the previous week’s 837,000 initial claims.

These numbers are also higher than the 825,000 initial claims predicted by economists.

Ian Shepherdson, chief economist at Pantheon Macroeconomics, explained: “The decline in continuing claims is welcome, but initial claims offer a better read on the real-time state of the labor market, and the downward trend has stalled, more or less.”

I agree once again with the economists, and believe that these first-time claims offer a clear picture, displaying just how badly extended enhanced unemployment benefits are for millions of Americans without a job.

Speaking of those economists, some financial experts are warning of yet another cash cliff, this time impacting millions of people once 2020 comes to an end.

As you know, the PUA, or Pandemic Unemployment Assistance, helps all of the gig workers, 1099, self employed, side hustlers access these life saving unemployment benefits.

Unfortunately, the program is set to cease payments at the end of the year, on December 31st, and would leave millions of Americans hanging off the cash cliff.

Ernie Tedeschi, a policy economist at Evercore ISI, explained: “When we go over this cliff on Dec. 31, the people affected by it generally have no recourse on the other side. That population is just cut off.”

With an estimated impact of 10-15 million Americans, I just hope that our politicians can listen to the economists and provide a much needed extension to the PUA, as well as Federal extended enhanced unemployment benefits in a new stimulus package.

Finally, it’s not just the Dems that are upset about President Trump threatening to end stimulus negotiations earlier this week.

Several leading Republicans have come out against the President, in hopes of rekindling talks on a Phase 4 disaster relief bill.

Rep. Denver Riggleman stated: “It wasn’t wise. You saw that realization when he walked back the comments last night. Now, every GOP candidate lost the argument about relief.”

Sen. Rob Portman of Ohio offered his desire to get talks up and running, stating: “Let’s not throw in the towel, instead let’s find that reasonable compromise.”

With both Democrats and Republicans on the same page regarding extended enhanced unemployment benefits and another round of $1,200 stimulus checks, I hope that we can get some kind of answers to our financial questions soon.

If you still have not applied for unemployment benefits in your state, what are you waiting for at this point?

Visit your state’s PUA or UI website, give them your employment history, and let them know that you are out of work due to that thing out there.

By taking action, you could get a backdated check for more than $10,000!

To all of the gig-workers, self employed, independent contractors, 1099 workers, even side hustlers and part time gigers, The PUA was made just for you, and you could be eligible for these unemployment benefits even without paying into the system.

As I said earlier, the deadline for these incredible government benefits is December 31st, so don’t delay in getting your application into your state’s unemployment system before they run out of money.

Check with your state’s unemployment and PUA guidelines, be as honest as possible and tell them the truth, and you can get the money that you deserve in your bank account within days of approval!

Source: https://www.cnbc.com/2020/10/08/weekly-jobless-claims.html

https://www.cnbc.com/2020/10/07/unemployment-benefits-may-pay-just-5-a-week-without-stimulus-deal.html

https://www.politico.com/news/2020/10/07/republicans-trump-covid-talks-427450

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Видео Unemployment Update 10-8-20: PUA Cash Cliff? Last State Pay LWA Unemployment Benefits Weekly Jobs канала Andrew Cartwright