Unemployment Numbers Have Fallen 2 Months in a Row. Will That Mean No Second Stimulus Check?
The U.S. is grappling with a full-blown recession spurred by COVID-19, and in April, the jobless rate reached 14.7% -- the highest it's been since the Great Depression. The news was better, however, in both May and June.
In May, the unemployment was just 13.3% ("just" being a relative term), and in June, it dropped even more to 11.1%. All of this is good news. It signifies that millions of jobs were added in the past two months, and that we may be on the road to economic recovery.
But that recovery may not be as swift as we'd like it to be, and Americans are still very desperate for relief. Back in March, the CARES Act was passed that allowed for, among other provisions, a one-time stimulus payment worth up to $1,200 for eligible adults, plus up to $500 for dependents under the age of 17. At this point, however, many of the people who received stimulus cash under the CARES Act have exhausted those funds, and are still struggling to pay for basics like rent, food, and medication. It's for this reason that some lawmakers have been fighting to produce a second round of stimulus funding. But unfortunately, recent unemployment data might set those efforts back.
Source Fool.com
