U.S. Chamber of Commerce Wants Extra Unemployment Benefit Stopped
The U.S. Chamber of Commerce wants the additional $300 that out-of-work Americans are receiving each week to be stopped... immediately.
The U.S. Chamber says unemployed Americans that are receiving the extra $300 on a weekly basis, down from $600 per week last year, don't have as much incentive to work. The Chamber says that approximately 25 percent of unemployed Americans are taking home more money now than when they were working prior to the pandemic.
This morning, CNN reports the Labor Department announced only 266,000 jobs were created in April. That was way below the one million jobs that most economists were expecting. Unemployment went from 6.0 percent in March to 6.1 in April. Despite this morning's job numbers, both the Dow Jones Industrial Average (34,777) and S&P 500 (4,232) both closed at all-time record highs today.
KTVO reports that in a statement, U.S. Chamber Executive Vice President Neil Bradley said,
The disappointing jobs report makes it clear that paying people not to work is dampening what should be a stronger jobs market. We need a comprehensive approach to dealing with our workforce issues and the very real threat unfilled positions poses to our economic recovery from the pandemic.
As I told you last week, employers all across the area are having trouble finding workers. Forbes reports the $300 per week additional benefit isn't currently scheduled to end until September.
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