According to an article on CNNMoney.com, more than 400,000 people have already lost their federal extended unemployment benefits, which provide an additional 20 weeks of unemployment checks to those who have lost their jobs. And it’s estimated that more than 115,000 will lose their extended benefits over this summer.
When this happens, economists say the unemployment rate will fall, simply because these long-term unemployed workers will either be forced to take any job to stay afloat financially, or they will drop out of the labor force completely.
Although the unemployment rate will decrease, it doesn’t mean the job market is improving.
“It will encourage more people to take jobs that may not pay as much. They won’t wait as long to accept a job,” said Lynn Reaser, chief economist with the Fermanian Business & Economic Institute at Point Loma Nazarene University.
Others may go back to school, some will retire earlier than planned, and others may drop out of the workforce entirely.
As the economy continues to struggle through tough times, it’s more important than ever to report any on-the-job injury to your employer. If you don’t follow the proper procedure for filing a workers’ comp claim, you may miss out on benefits that could assist your family financially. If you’ve sustained an injury on the job, contact the workers’ comp attorneys at Michael J. O’Connor & Associates. Our attorneys are familiar with the procedures for filing a workers’ comp claim in Pennsylvania and can provide you with a free review of your case.