Willington Fruit Farm

Main Menu

  • Home
  • Outdoor market
  • Consumer demand
  • Food processing firm
  • Profit on produce
  • Wholesalers profit

Willington Fruit Farm

Header Banner

Willington Fruit Farm

  • Home
  • Outdoor market
  • Consumer demand
  • Food processing firm
  • Profit on produce
  • Wholesalers profit
Consumer demand
Home›Consumer demand›cut 300 more unemployed people or hurt the economy

cut 300 more unemployed people or hurt the economy

By Marsha A. Jones
June 28, 2021
0
0


As of this week, jobless Ohioans will not receive an additional $ 300 in unemployment benefits after Governor Mike DeWine announced last month it would withdraw from enhanced federal pandemic benefits designed to support the economy affected by COVID-19.

The extra money was cut after Saturday. The Ohio Department of Employment and Family, which handles unemployment, said it would continue to pay the money on all qualifying claims for weeks until June 26 inclusive, but not after.

The reason? Many business groups and Republican leaders fear thethe ongoing rebound could stifle a growing labor shortage. They believe legions of workers benched by the novel coronavirus are choosing to stay home on their biggest unemployment checks. The extra $ 300 nearly doubles the average weekly unemployment benefits paid in Ohio.

The Ohio solution follows the lead of other Republican-led states hoping to get workers back to work by cutting the extra money.

Will the plan work? Economists say there is no data to say one way or the other.

Ohio’s unemployment rate of 5.0% with nearly 278,000 unemployed workers is roughly at pre-pandemic levels. Ohio’s initial jobless claims of 16,300 in the first week of June are down sharply from COVID-19 highs, but double what they were just before the pandemic.

Whether Ohio moves the needle further in resuming its jobs will likely show up first in these data points.

Half of the US states ended their participation in enhanced unemployment benefits, as of mid-June. Even for the four states that dropped the benefits the earliest on June 12 – Alaska, Iowa, Mississippi, and Missouri – the data is minimal.

“There has to be some level of social protection that keeps people at home – but we don’t know what it is,” said Gary Clayton, chairman of the University of Ottawa’s department of economics and finance. Northern Kentucky.

Business groups, such as restaurants, believe that many potential workers have little incentive to return to kitchens as long as they get increased unemployment.

A

Critics called the move “cruel” and said it would slow overall consumer spending in Ohio. If restaurants and other businesses need more workers, they should pay better, they say.

“By removing these benefits from unemployed Ohio workers, DeWine is not only dealing a cruel blow to families, it will hurt the Ohio economy by depriving businesses of nearly $ 1 billion in spending that does will not produce now, “Zach Schiller, research director at Policy Matters Ohio, said in a statement.

But starting wages are already rising due to labor shortages, contributing to inflationary fears that could further delay economic recovery.

“As the economy reopens, businesses across the state are struggling to resume operations and keep pace with resurgent consumer demand,” said Logan Kolas, economic policy analyst at the Center for Economic Research of Canada. Buckeye Institute, in a recent editorial. “Washington’s pumped-out expanded temporary unemployment insurance has made it harder – and more costly – for businesses of all sizes to re-attract workers and reopen their doors. “

For the latest business news from Cincinnati, P&G, Kroger and Fifth Third Bank, follow @alexcoolidge on Twitter.



Related posts:

  1. Fortinos Supermarkets partners with General Assembly Pizza restaurant
  2. IFT FIRST: demand for sustainability certifications increases | 2021-07-27
  3. CLO-CLO ™ Vegan Foods Launches New Plant-Based Shrimp Entrance Bowls
  4. US trade deficit narrows slightly to $ 70.1 billion in July

Archives

  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021

Categories

  • Consumer demand
  • Food processing firm
  • Outdoor market
  • Profit on produce
  • Wholesalers profit

Recent Posts

  • McCain Foods buys crop analysis tools from agricultural data firm Resson
  • A year later, the Nikiski market offers a community center for farmers and creators
  • Vijay Mallya pursues attempts to overturn bankruptcy order in UK court
  • Aleph Farms Hires Head of Regulatory Affairs Pre-Global Commercialization
  • Is Medical Properties Trust a good dividend stock? (NYSE:MPW)