Nearly 1 million people have exhausted their unemployment benefits since March after losing their jobs to the coronavirus pandemic, according to an analysis published Wednesday by a progressive think tank.
The Century Foundation calculated that 933,731 people received their maximum allotment of unemployment insurance payments by Aug. 31, according to Labor Department and Treasury Department data. The number and size of unemployment insurance payments are determined by each state.
The onset of the COVID-19 pandemic triggered the steepest and quickest U.S. economic collapse since the Great Depression. More than 20 million Americans lost their jobs between March and April and the unemployment rate shot up to post-Depression high of 14.7 percent.
The U.S. has gained back nearly 11 million of the jobs lost to the pandemic as of September and the unemployment rate has declined to 7.8 percent. Even so, roughly 25 million people remain on some form of jobless benefits.
Read more at The Hill.
{Matzav.com}
