Earlier this year, the rate of national unemployment was around 3.6%. Yet, layoffs at big companies have been a recurrent topic. While it’s disturbing to hear about layoffs, it’s significant to realize that the overall market for jobs is strong and measures for stimulus checks are unlikely to be justified for the time being.
Previously, when the stimulus checks had been distributed to Americans, the job market was facing problems under the post-pandemic conditions. Around this time, for multiple reasons, it was difficult for many workers to fall back into their full-time jobs.
Since then, it has nearly been two years post the federal government last distributed such stimulus checks. Right now, with the job market seeming so strong, it is quite difficult to put up a solid argument for the same. However is the market as strong as most of the data suggests?
Earlier this year, although more than 300k jobs had been added to the economy of the United States, the unemployment rate of the nation remained stuck at 3.5% itself. While on the contrary, the employment rate appeared to be about 6% in the month of March 2021, during the last distribution of Stimulus Checks. In the past few months, however, more than two times the initial number of jobs had been created. However, the unemployment rate still remains a concerning factor in terms of providing stimulus checks. All the multinational companies laying off thousands of their employees overnight may even be suggestive of discrepancies in the unemployment rate being reported by the state.
Should Americans Be Preparing For A Stimulus Check?
Although the labor market at this point shows some signs of frailty, with mass layoffs and a disturbing unemployment rate it is not strong enough for the nation to resort to stimulus checks. Thus, stimulus checks in the year 2023 seem unlikely unless the situation further deteriorates.