For millions of Americans this week their unemployment benefits are coming to an end. It is estimated that this could impact some 7 million Americans or more. With those benefits coming to an end some suggest that now we might see a surge in job applicants to address the labor shortage that many industries and businesses have been seeing lately.
This could mean some economic difficulty for millions who aren't ready for those unemployment benefits to come to an end.
Though some suggest that it might not be the key to fixing the labor shortage issue, others are hopeful that now businesses around the U.S. are going to see an uptick in hiring. Restaurant owners are hopeful for that potential increase to try and keep their businesses running, without the right amount of workers some have been forced to cut their hours or close early etc.
Not only are those payments coming to an end but the interest payments on those federal loans are also expected to start kicking in and being paid too. Billions of dollars has been spent on unemployment benefits and there has also been misspent tax dollars on overpaid unemployment benefits too with scammers taking tens of billions.
If those who lose their unemployment benefits look to cut their spending as a result it is also anticipated that this could have a negative impact on the economy and the pandemic is still expected to be an issue for some who might be thinking about going to look for work.