A large number of Americans are facing longer periods of unemployment, which poses greater financial risks, according to economists.
These individuals aren't technically yet "long-term unemployed," but may soon be if they're unable to return to work — a tall order when there are three times as many unemployed people as there are job openings,The number of long-term unemployed increased by 110,000 people last month, to 1.5 million.Unemployment benefits have helped absorb some of the financial shock associated with job loss.
States generally offer up to six months of benefits. Congress extended that by 13 weeks, through the Pandemic Emergency Unemployment Compensation program enacted in March. States also have "extended benefit" programs that kick in during periods of high unemployment, typically offering an extra 13 or 20 weeks of aid.
The share of workers collecting benefits through these programs has been rising, suggesting they're on the latter end of their aid.to the Labor Department. Additionally, about 126,000 are collecting through the extended benefits program.After the end of the year, some of the federal unemployment programs enacted to deal with the current recession will lapse, absent a federal extension. That would leave unemployed workers with no financial assistance.
Workers replaced just 38% of prior pay on unemployment benefits, on average, in the first quarter this year,
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