Economy

Testimony: Jared Bernstein Assesses the First Five Years of Economic Recovery

“[W]hen markets fail as massively as they did in the late 2000s, quick and forceful action clearly helps offset the damage. But to stop at stabilization, instead of rebuilding jobs and incomes that were lost over the downturn is a serious policy mistake, one that has proven to be extremely costly to working families. Still … there is time to build on the recent momentum we’ve seen, particularly in the job market.”

 

Chad Stone on the June Jobs Report

The June jobs report contains encouraging signs that the labor market is healing but also reminders that it remains far from fully healed. Payroll employment jumped by 288,000 in June and the unemployment rate fell to 6.1 percent. While employment increased sharply and unemployment fell, there was little net growth in the labor force, leaving the percentage of people with a job well below where it was at the start of the Great Recession. Nearly a third of the unemployed have been looking for work for 27 weeks or longer and encounter more re-employment obstacles than the typical jobseeker. That’s why Congress should act immediately to restore emergency federal unemployment insurance.

Backgrounders:

 

Emergency Jobless Benefits Cut-Off Has Hit Nearly 300,000 Veterans

The number of jobless veterans who’ve lost access to federal jobless benefits since Congress allowed Emergency Unemployment Compensation (EUC) to expire at the end of last year — which we estimated at the end of February was close to 200,000 and counting — reached an estimated 285,000 by the end of June.

Related:

 

How Many Weeks of Unemployment Compensation Are Available?

The unemployment insurance (UI) system helps many people who have lost their jobs by temporarily replacing part of their wages. Workers in most states are eligible for up to 26 weeks of benefits from the regular state-funded unemployment compensation program.

 

Basics

A recession is a significant decline in the size of the U.S. economy lasting more than a few months, normally visible in a variety of economic indicators.   Economic stimulus policies aim to avert a recession or lessen its severity by boosting the economy in the short term.  The unemployment insurance system helps people who have lost their jobs by temporarily replacing part of their wages, typically for up to 26 weeks. 

Policy Basics:
- Introduction to Unemployment Insurance
- How Many Weeks of Unemployment Compensation Are Available?

Chart Book:
- The Legacy of the Great Recession

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  1. Jared Bernstein

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The Center examines the impact of changes in the economy on federal and state budgets, as well as the likely effectiveness of economic stimulus proposals. We also examine trends in employment and promote reforms to strengthen the unemployment insurance system.

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