Joe Perkins, head of Michigan-based auto supplier Mobex Global, marked Labor Day weekend this year as more than a holiday or a symbolic nod to U.S. workers.
From top economic policymakers to human resource chiefs to small business owners with "help wanted" signs posted in shop windows, the nationwide expiration of federal unemployment benefits on Saturday has been anticipated as the day when the true state of the U.S. job market becomes apparent, cleared of whatever influence the weekly unemployment payments have had on people's decisions about work.
For instance, the unemployed in states that ended benefits early were slightly more likely to find jobs over the summer. At the same time, those states were less successful in attracting people from the sidelines of the labor market into either employment or a job search. "We don’t expect the end of emergency benefits to lead to an immediate jump in employment and in the near-term expect it will weigh more on personal income and spending," wrote Nancy Vanden Houten, lead U.S. economist for Oxford Economics.
He said he has already detected a "thawing" at his other location in Leominster, Massachusetts, with applications picking up.
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