Finance

With 4 million Americans long-term unemployed, benefits cliff looms

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Food is loaded as drivers in their vehicles wait in line on arrival at a “Let’s Feed LA County” food distribution hosted by the Los Angeles Food Bank on Dec. 4, 2020 in Hacienda Heights, California.

FREDERIC J. BROWN | AFP | Getty Images

Long-term joblessness is nearing a record, as Washington lawmakers rush to pass another pandemic aid package ahead of a benefits cliff for the long-term unemployed.

Long-term unemployment is a period of at least six months without a job. It’s an especially risky stretch of joblessness relative to household finances, say some economists.

About 4.1 million unemployed Americans were long-term unemployed in February — up by about 3 million people over the past…



Source cnbc.com

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