Another 1.18m Americans file for unemployment as benefits expire

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Economists worry expiration of $600 weekly lifeline will lead to sharp drop-off in household spending and set back the economy

Another 1.18 million people filed for unemployment benefits last week as economists worry the expiration of enhanced unemployment benefits will lead to a sharp drop-off in household spending and set back the US economy’s near-term recovery.

Claims dipped last week after two weeks of rises but the latest figure from the department of labor marked the 19th week in a row that claims have topped 1m. Before the coronavirus pandemic gripped the US, the record for weekly claims was 695,000 in October 1982.

new predictions of effects of alternative UI benefit supplements

The UI supplements have expired. Congress is considering a range of options.

What will happen to
1) *consumption*
2) *UI replacement rates*

Thread w/@JoeVavra @pascaljnoel pic.twitter.com/YdENQzgzBY

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