Even thought NY has flatten the curve, cases of #coronavirus have spiked in 29 states in late-June, causing serious concern that are already struggling economy will not soon recovery from the #recession. Adding on to the dubious sign that the number of people filing for unemployment has exceeded one million for the 14th straight week.
Congress is expected to start working soon on the new coronavirus stimulus package, according to Mitch McConnell, "If there's another [stimulus package], it will come together in July. We need to take a look at how the economy is coming back and decide whether or not we're going to do one last rescue package. And I predicted we'd make that decision in July and I'll continue to say that today." ight week. Congress is talking about giving American's a second stimulus check. Great, so a second stimulus check is in the works. The big question is when will it happen and when?
- A summer bailout package that includes another check, the amount is unclear.
- Congress is expected to make a decision in July.
- There's also been talk of a $4,000 travel credit.
The Senate, House and White House will also be under pressure to reach a deal quickly, as the enhanced unemployment allowances for an additional $600 per month are set to expire July 31.
The economy in the next few weeks, unemployment numbers, stress around rent payments and the recession. This week new numbers from the Labor Department showed that first-time #unemployment claims hit 1.5 million last week, making 14 straight weeks new claims have been over 1 million.
Weekly jobless claims continue to grow as the US economy is struggling to find solid ground. For the week ending June 20, 1.48 million workers filed first-time jobless claims, making 14 straight weeks new claims were over 1 million, the Labor Department reported (PDF). Claims were down slightly from the 1.5 million of the week before.
A new study (PDF) by the Center on Poverty and Social Policy at Columbia University concluded that without the stimulus money, America's poverty level could have spiked from 12.5% before the pandemic to 16.3% today.
The center predicted "if high unemployment rates persist beyond July 2020, additional income support will be needed" to keep poverty from soaring during the ongoing #coronavirus #pandemic. The study also notes the categories of people who aren't eligible to receive the funds authorized by the CARES Act and that some eligible families are facing roadblocks receiving their benefits. The expanded unemployment benefits keeping some afloat are set to expire at the end of July.
On June 5, the Bureau of Labor Statistics reported (PDF) that the US unemployment rate in May declined by 1.4% to 13.3%. Following the labor report, some in Washington asked if the US economy is already heading in the right direction without further government assistance.
For news and information about the coronavirus pandemic, visit the WHO website.