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Saturday, August 13, 2022

Stimulus Check Update: The Fourth One Is Unlikely Even Though The Job Growth Is Weak

It’s been many months since stimulus checks have hit Americans’ bank accounts, as the last round to go out was approved back in March. And that’s something a lot of people aren’t happy about.

With inflation driving the cost of everyday goods and services up, many Americans are desperate for a windfall. This especially holds true for those earning minimal wages at their jobs, or whose finances have yet to recover from the early impact of the pandemic.

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But while inflation may be causing a financial crunch for a lot of people, that alone is unlikely to be a driver of stimulus aid. A bigger measure is the extent to which jobs are or aren’t available. And in that regard, those wanting another stimulus check don’t have much of a leg to stand on at this point.

Stimulus Check News: The Joblessness Has Reached A Low Level

In November, the national unemployment rate fell to 4.2%, down from 4.6% a month earlier. That’s the lowest level of unemployment on record since March of 2020 when the pandemic first hit US soil.

While the unemployment picture has improved since the start of the pandemic, many individual households may still be struggling to find their financial footing. Those who are still having a difficult time making ends meet may want to consider boosting their income with a second job, with work being more available and employers being desperate enough to agree to more flexibility.

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Meanwhile, the supply chain issues that have led to rampant inflation aren’t about to resolve themselves anytime soon. In fact, things could get worse before they get better, especially with the emergence of the recently reported omicron variant of COVID-19.

President Biden has made it clear that he doesn’t want to resort to the lockdown measures that were implemented early on in the pandemic. But if things do worsen in that regard, and in terms of our economic recovery, then a follow-up stimulus check may be back on the table at some point. Right now, though, the arrival of a stimulus check is not a windfall Americans should be banking on.

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