Here’s what could happen when $300 unemployment expires, according to Goldman Sachs: by theothersarahh
Amid reports of labor shortages and fears of economic overheating thanks to what some view as excessive government stimulus spending, a total of 26 states are now planning to end the $300 federal unemployment supplement in order to spur hiring—here’s what analysts from Goldman Sachs expect to happen once payments stop.
That said, claims for regular state unemployment insurance benefits have fallen faster in states that have announced they will end the supplement early—the analysts say this is a “hint” that hiring will pick up once the benefits are phased out but note that other data like the volume of job postings don’t yet support that conclusion.
Based on previous academic studies, the analysts estimate that a typical worker receiving regular state benefits will see those benefits drop by 50% once the $300 supplement expires in their state, and the duration of their unemployment would fall roughly 25%.“The temporary boost in unemployment benefits . . .
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