BY: Adam Gavriel
For the first time, we can finally see what the Government Shutdown has done to the US Economy in a tangible way.
According to a report released from CNN Money, 374,000 people filed for their first week of unemployment benefits last week, the highest one-week rise since super-storm Sandy hit the nation almost a year ago.
Speaking strictly from an economic standpoint, this shutdown could not have come at a worse time as the economy had been slowly, but surely, doing better in recent months.
Not to be all blamed on the government shutdown though, as other factors have certainly contributed to the 66,000 person rise in unemployment claims.
The state of California, which accounted for half of the new claims, continues to have problems with processing unemployment checks.
The 500,000 federal workers who remain in furlough are allowed to file for unemployment benefits, however if Congress grants them retroactive pay, most states will ask the furloughed workers to pay back the benefits that they receive. The report released today of 374,000 does NOT include any furloughed federal government employee who has filed for unemployment.
Hypothetically speaking, without taking the government shutdown into effect, economists believe that this number would have been roughly in line with the average number we have been seeing in the slow recovery.
“’The broader picture is still that labor market conditions are improving, albeit not quite as much as we previously thought,’ said Paul Ashworth, chief U.S. economist for Capital Economics, in a research note”.
Sure is a tough hypothetical situation to picture though, as the U.S. remains mired in the wake of the government shutdown.
At Crossroads Consulting, we are doing what we can to continue the birth of jobs in the United States. With over 50 current openings we are looking to fill today, we are hoping to hear from you. If you are a government employee who has been furloughed, and out of the job searching game for quite some time, we can help you there too. With our recommended resume and interview preparation services, you will not miss a beat stepping back into the job search.
Everything we do at Crossroads Consulting is with the main goal of putting the ‘human’ back into ‘human resources’