Policy Points

06.07.2010 In the News, Policy Points Comments Off on Long-Term Unemployment in North Carolina

Long-Term Unemployment in North Carolina

A recent article in The Winston-Salem Journal reported on the growing problem of long-term unemployment and how Congress’ inability to extend emergency unemployment insurance benefits is harming North Carolinians.

Reports the Journal:

More than 62,300 North Carolinians have exhausted their jobless benefits since June 2, according to the N.C. Employment Security Commission.

Up to another 20,000 will fall into that category each week through the end of July unless Congress votes to provide additional benefits through Nov. 30.

The article also featured South by North Strategies’ perspective on the importance of emergency benefits:

‘Paying unemployment benefits is a direct economic stimulus because the benefits are spent quickly and typically close to home,’ said John Quinterno, a principal at South by North Strategies Ltd., a research company in Chapel Hill that focuses on economic and social policy.

And as one individual who has exhausted his benefits explained:

‘In some cases, the odds are just stacked against the unemployed,’ said Stephen Crockett, who has been jobless since August 2008.

Despite 34 years of primarily manufacturing and construction experience in the Elkin and Winston-Salem areas, Crockett, 50, said he has not been able to land work even though searching has become his full-time vocation.

His benefits ran out June 14 after 99 weeks — 26 weeks of state, 53 weeks of federal and 20 weeks of combined state and federal assistance.

‘I don’t know how I’ll live once my benefits run dry, but I can see myself as homeless, hungry and without car insurance by mid-July if another extension is not granted,’ Crockett said.

06.07.2010 Policy Points Comments Off on Debating The June Employment Report

Debating The June Employment Report

Last Friday’s edition of The PBS NewsHour aired two useful segments discussing various aspects of the nation’s unimpressive June employment report. The first segment broke down the June data, and the second segment debated the importance of emergency unemployment insurance benefits.

Watch the full episode. See more PBS NewsHour.

02.07.2010 Policy Points Comments Off on Editor’s Note

Editor’s Note

Policy Points will not be published between July 2-5 in celebration of the Fourth of July holiday. Posting will resume on Tuesday, July 6, 2010.

In case you missed it, check out South by North Strategies’ midyear review of the North Carolina  job market.

Thank you for your interest in the blog!

01.07.2010 Policy Points Comments Off on Around The Dial – July 1

Around The Dial – July 1

Economic policy reports, blog postings, and media stories of interest:

01.07.2010 Policy Points Comments Off on NC Unemployment Claims: Week of 6/12

NC Unemployment Claims: Week of 6/12

For the benefit week ending on June 12th, 12,615 North Carolinians filed initial claims for state unemployment insurance benefits, and 152,018 individuals applied for state-funded continuing benefits. Compared to the prior week, there were fewer initial and continuing claims. These figures come from data released today by the U.S. Department of Labor.

Averaging new and continuing claims over a four-week period — a process that helps adjust for seasonal fluctuations and better illustrates trends — shows that an average of 12,903 initial claims were filed over the previous four weeks, along with an average of 158,317 continuing claims. Compared to the previous four-week period, there were fewer initial and continuing claims.

One year ago, the four-week average for initial claims stood at 21,836 and the four-week average of continuing claims equaled 212,209.

The graph (right) shows the changes in unemployment insurance claims (as a share of covered employment) in North Carolina since the recession’s start in December 2007.

Both new and continuing claims appear to have peaked for this business cycle, and the four-week average of new claims has fallen considerably. Yet continuing claims remain at an elevated level, which suggests that unemployed individuals are finding it difficult to find new positions.