The total number of Unemployed individuals has increased from 248,000 to 2.9Mn in June 2021, reveal data from the Bureau of Labor. That represents that about 29% of all Unemployed workers have been without a job for more than a year. Around 24 states have ended the federal Unemployed benefits for the long-term Unemployed ones.
It is a difficult financial time for the households who have been the most affected due to this unemployment rising every day. They may also have experienced income loss, greater struggle in finding a new suitable job, and a reduction in the earning potential for the future.A jump in the 52-week unemployment, therefore, reflects the elevated layoffs a year ago. The numbers are likely to decline soon since the layoffs have been normalized by the month of July.
Many households have primarily escaped the instant financial challenges of long-term unemployment during the Covid pandemic due to some improved unemployment benefits.States usually pay benefits for up to 6 months, but the federal government had extended the duration to three times during the pandemic in the separate relief measures.