One-third of unemployment benefits have yet to reach Americans
, Americans should have received $214 billion in unemployment benefits in the last three months through May. However, as of data published Monday, the Treasury has dispersed only $146 billion for the time period.
The coronavirus pandemic has slammed the US labor market. Since sweeping lockdowns began in mid-March, nearly 40 million Americans have filed for unemployment insurance, and economists estimate that Thursday's weekly initial claims report will show another 1.8 million claims.
Even weeks after sweeping layoffs began, there may still be backlogs of claims that still need to be processed. In Texas, 2.6 million claims have been filed since March, and the state had a backlog of nearly 650,000 that still needed to be verified at the end of last week, according to the report.
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