Thousands of Tennesseans are about a week away from losing all or part of their unemployment benefits.
The cuts, scheduled to occur July 3rd, include the extra $300 per week from the feds, an end to all unemployment benefits past the standard timeframe, AND those who are gig workers or self-employed.
New data, (here) however, suggests that cutting off unemployment won't push people into finding work. A dozen states ended their extra unemployment benefits over the past two weeks...and yet job searches are about 4% below the national average in those states.
The data, comprised by Indeed, says clicks on job posts in those states is well below that of the average job seeker.
Why these numbers are still remaining stagnant is anybody's guess. Economists are struggling to find answers. One tweeted that "no one says it's a 'consumer shortage' if companies offer high prices and bad service...yet some say it's a 'labor shortage' if companies only offer low wages and bad benefits."
A quick search on Indeed's website (here) shows Jackson Tennessee had 269 full time job openings posted over the last week. More than half of the jobs pay $15 or less an hour.
There is also the negative retail impact that shutting down the benefits will create. Studies have found that Tennessee retailers will lose over $450 million in sales that would have been fueled by continued unemployment benefits.
If your family is struggling because you didn't qualify for unemployment, or are about to lose your benefits....call us at the law office of T. Verner Smith.
Through financial restructuring, debt resolution, or legal options including but not limited to bankruptcy, there are ways to relieve the pressure and chart a path to a better future. Don't be embarrassed, don't be hesitant, you are not alone, and taking action now is the smart approach.
Call us at (731) 423-1888 and schedule a free consultation.
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Call us at (731) 423-1888