More failed republican/trump pushed policies reveled (again)
https://www.cnbc.com/2022/04/22/cuts...ys-report.html
In the world of, No Duh....
Cuts to unemployment benefits didn’t spur jobs, report says
About half of states cut federal unemployment benefits in June or July 2021, a few months ahead of their scheduled expiration.
State officials thought pulling funds would help ease the challenges employers were facing in hiring workers.
But a paper by the Federal Reserve Bank of San Francisco found that policy didn’t seem to have its intended effect on employment.
State cuts to pandemic unemployment benefits last summer had a small impact on hiring, suggesting enhanced funding for the unemployed didn’t play a big role in labor shortages, according to a recent report.
But an analysis by researchers at the Federal Reserve Bank of San Francisco found states that withdrew benefits early didn’t experience the intended effect of spurring a big increase in jobs. It compared hiring rates from July to September 2021 in the states that ended benefits with those that kept them intact.
Source =
https://www.frbsf.org/economic-resea...ce-withdrawal/
Hiring picked up a minuscule 0.2 percentage point in the “cutoff” states compared to the benefit-keeping states — a “quite small” increase considering states’ average monthly hiring rates of about 4%-5%, according to the analysis.
Put differently, if a state that maintained federal benefits had a 4.5% hiring rate, a state that cut them would have had a 4.7% rate.
“That would be pretty much imperceptible,” said Robert Valletta, senior vice president and associate director of research at the Federal Reserve Bank of San Francisco, who co-authored the analysis.