The details on exhaustees — the people have used up their total Unemployment benefits — are pretty daunting. I mentioned this to Doug Kass last week, who referred to our prior post in one of his recent missives.
Now, the Sunday NYT looks at the same issue prospectively, to guesstimate how many more exhaustees there will be in the next few months.
Short answer: 1.5 million.
“Over the coming months, as many as 1.5 million jobless Americans will exhaust their unemployment insurance benefits, ending what for some has been a last bulwark against foreclosures and destitution.
Because of emergency extensions already enacted by Congress, laid-off workers in nearly half the states can collect benefits for up to 79 weeks, the longest period since the unemployment insurance program was created in the 1930s. But unemployment in this recession has proved to be especially tenacious, and a wave of job-seekers is using up even this prolonged aid.
Tens of thousands of workers have already used up their benefits, and the numbers are expected to soar in the months to come, reaching half a million by the end of September and 1.5 million by the end of the year, according to new projections by the National Employment Law Project, a private research group.”
Graphic courtesy of NYT
Continuing Claims “Exhaustion Rate” (June 22nd, 2009)
Continuing Claims vs. Economically Lagging Unemployment (May 10th, 200)
Prolonged Aid to Unemployed Is Running Out
NYT August 1, 2009