Ending benefits had little impact on jobs and may hurt state economies, study finds
The new paper uses anonymized bank-account data from Earnin, a financial services company, to track 18,648 individuals who were receiving unemployment benefits in late April. Researchers compare individuals in 19 states that withdrew federal benefits in June against those in the 23 states that kept them intact.
However, that translates to just 1 in 8 unemployed individuals in the "cutoff states" who found a job in that time period. The majority didn't find a new job. The employment dynamic — a loss of benefits without resulting job income for most people — led households to cut their weekly spending by 20%, according to the paper.
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