States Running Out Of Unemployment Money
You can keep believing that the economy is getting better and that unemployment has stabilized if you want to, but numbers seem to indicate otherwise. It seems that 33 states and the Virgin Islands have run out of money to pay unemployment benefits, and are borrowing heavily from the federal government to try to keep money flowing to out of work citizens.
Of course California is at the top of the list, since they have no money, and Michigan is second, but it’s somewhat surprising seeing New York on the list at 3rd, as its unemployment rate didn’t jump as high as the rate in many other states.
Meanwhile, to add more bad news into the mix, instead of unemployment claims falling as predicted by Briefing.com, claims actually went up around 20,000, and overall more than 4.5 million people across the country are still drawing unemployment benefits, which is lower than its high during this recession, but since people only have so long to be on unemployment before being dropped off, and thus not being counted any longer, you can bet that unemployment figure is much higher.
What’s on the horizon? Where will new jobs comes from? No one knows for sure, but it’s not looking great for college kids and summer jobs this year.