The decline in the unemployment rate from July to August results from a decrease in the number of unemployed individuals from 16.3 million to 13.6 million.
The Internal Revenue Service (IRS) had issued 159 million direct payments to Americans — totaling nearly $267 billion — to help mitigate the financial burden of the COVID-19 pandemic.
The Social Security Board of Trustees has been warning for years that the program faces funding shortfalls. In April, they released their annual report on the trust funds that finance the program.
The outbreak of COVID-19 has become both a public health and an economic crisis. In particular, the closure of many businesses has resulted in an unprecedented surge in unemployment claims in the United States.
During the week that ended on September 5, 884,000 people filed for regular unemployment insurance, continuing a devastating trend in the labor market. Since March 15, 60 million individuals have filed a claim.
The coronavirus (COVID-19) pandemic has contributed to a significant budget crunch at the state level that threatens a range of basic government programs and services. Some states were better prepared than others to handle this crisis.
The Federal Reserve’s lending facilities are one of the many policy tools the central bank is using to stabilize the economy in response to the coronavirus (COVID-19) pandemic.
