(WTVO) — Nearly 500,000 Illinois residents are among the 7 million Americans who will lose federal pandemic-related unemployment benefits today.
Some economists have predicted this may spur recovery in the lagging job market, but research from Harvard and three other universities paint a different picture:
In the 19th state which ended benefits in June, only one out of 8 people who lost benefits was able to find a job.
The Illinois Chamber of Commerce says business owners are still holding out hope. The latest U.S. Jobs Report showed underwhelming results, with the economy adding only 235,000 jobs in August, a significantly lower number than June and July.
The August employment rate was the lowest since prior to the Covid-19 pandemic.