Mass Layoffs Increase Jobless Beneficiaries

The claims of unemployment benefits are reported to reach record numbers. The increase in mass layoffs and the decreased hiring in firms all over the country has peaked the number of people turning to the federal offices asserting the unemployment benefits.

According to the Labor Department, the claims of unemployment insurance have reached the 4.78 million mark by Jan 17th. This number has far exceeded the analysts’ expectation of 4.65 million claims and is also reported to be the highest number since 1967.

Also, other 1.7 million people are receiving extended unemployment compensation benefits. Thus, the number of unemployment recipients is around 6.5 million people.

Meanwhile, the companies have not yet stopped their layoff spree. More and more companies are coming up with lay off announcements, which is likely to increase the unemployment to more bigger number.

Apart from this, the US Department of Labor has come up with the Emergency Unemployment Compensation Act to help the unemployed who already bushed up their regular and extended unemployment insurance benefits.

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