The news about the work market was favorable for the most of 2022. There were more jobs being created, rising earnings (albeit not quickly enough to keep pace with inflation), and a low rate of unemployment across the country.
The latter remains accurate. The number of non-farm job gains to the American labor force in October was 261,000, while the current unemployment rates of the nation were at 3.7%. That is similar to the unemployment rate before the epidemic.
However, during the past few weeks, “layoffs” have appeared in the headlines increasingly regularly. In order to save money, Amazon really announced intentions to let off around 10,000 employees last week. And it’s hardly the only illustrious firm with rumored layoffs.
Hearing concerns about layoffs is obviously far from comforting. As it stands, many individuals have exhausted their reserves this year and accumulated significant credit card bills as a result of rising living expenses. The prospect of losing your career might be excruciatingly distressing.
In fact, some individuals may be considering whether a higher rate of unemployment will result in an additional round of stimulus check payments. And the response? Depending on how terrible things actually go.
Another Stimulus Check In Near Future?
Is it feasible for lawmakers to approve more stimulus check payments in 2023? Absolutely. However, for it to occur, the unemployment rate must skyrocket. We are certainly not there at this time.
In March 2021, the final round of stimulus check payments to American savings accounts was authorized. The current unemployment rate was 6.2% in February of the previous year. That is a great cry from the unemployment rate of the present.
This is not to suggest, however, that the jobless rate won’t significantly increase in 2023. That may occur if a recession starts. But nobody should ever want for it either. If the economy deteriorates to the point where another stimulus check is necessary, we can assume that the resulting financial burden won’t be alleviated by a one-time paycheck, even if it’s fourteen hundred dollars like it was in March 2021.
