San Fran Fed On Record Highs In New Unemployment Insurance
The San Francisco Fed continues the trend of spending good taxpayer money on focusing on such expansive projects as why a cube has 6 sides. Their latest report is a terrific example of substantiating the obvious.
Our analyses identify an upward trend in UI receipt over the past two decades as the composition of the unemployment pool has shifted toward permanent job losers, which has partially reversed the earlier decline. However, this effect may have been offset by the lengthening of unemployment spells that occurred during the same period. This is likely to cause UI benefits to lapse for some recipients as the current downturn continues...The net impact of these long-term trends has been to mildly offset UI’s role as an automatic stabilizer for the economy. Moreover, most forecasters expect the current labor market weakness to continue for many more months. If this occurs, the resulting rise in unemployment durations will cause some UI claimants to exhaust their regular and extended benefits, which will further offset the intended roles of UI payments as an automatic stabilizer and means of low-income support.
We never said it was groundbreaking. At least they didn't spend millions on trying to figure out how to shove said cube through a circular hole. But they did add some pretty pictures:
The full piece below: read it, or use it as an electronic paperweight. After all your money was spent to write it.