YES!! NOW RETROACTIVE $2400/mo Stimulus Checks Are The Fed's Favorite Option

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🗞Article: https://www.chicagofed.org/publications/chicago-fed-letter/2020/441

Research from the Chicago federal reserve breaking down the enhanced unemployment benefits and how it effects the economy. Good information about stimulus moving forward. States reopening and a bleak outlook moving forward critics of expanding unemployment insurance (UI), and especially extending the extra $600 in federal aid, say that the payments discourage people from finding new work, especially because many low-wage workers have actually received more money in unemployment payments over the past few weeks than they would have in their normal paycheck. But new research from the Chicago Federal Reserve shows that this isnt true. The researchers found “no evidence so far in support of the view that high UI replacement rates drove job losses or slowed rehiring substantially.” The report finds that those who have exhausted their benefits are actually less likely to search for work than those still receiving them. In fact, once benefits run out, “their search effort drops precipitously.”

The researchers measured the number of hours in a week people spent searching for work and the number of job applications they sent in the past month. The researchers found that “those currently collecting benefits search more than twice as intensely as those who have exhausted their benefits." For one, some of the workers who exhaust their benefits “are fundamentally different than those who find a job before exhausting their benefits,” i.e., those who find a job may be more highly skilled. But second, Faberman says, a loss of confidence plays a major role. “The longer people are unemployed, the less they tend to search, and the exhaustion of UI benefits may cause a jump in just how discouraged people are about finding work, leading them to exert less effort on it. The federal supplement to state unemployment benefits has been $600 a week, but there is opposition to extending that, and strategists expect it to be at least cut in half. On a positive note, it is important to remember that people in the U.S. will still qualify for 39 weeks of unemployment, and gig workers, contractors and self-employed can still collect their standard benefits.

Stocks were lower for the week, as markets reacted to rising cases in Texas, Florida and other states. Investors worry about the threat to the economic rebound as those states move to curb some activities. New data from Yelp showed that toughly 140,000 Yelp-listed businesses that had closed since March 1 remained closed on June 15. 41% of businesses closed on Yelp have shut down for good during the coronavirus pandemic. Justin Norman, Yelp’s vice president of data science said, “By far, retail shopping was hit the hardest." “When you look at those two top categories [retail and restaurants], we’re potentially never going to see some of these businesses again.”
#StimulusUpdate #StimulusChecks #StimulusPackage
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Видео YES!! NOW RETROACTIVE $2400/mo Stimulus Checks Are The Fed's Favorite Option канала Michael Wrubel