Dealing with the raging inflation has consumed all of 2022 for American consumers. And to deal with rising living expenses over the previous 12 months, many individuals have exhausted their savings accounts and racked up significant credit card debt.
The fact that no federal stimulus money was available to rely on when inflation spiked has made the previous year even more challenging. Before the inflation rate began to increase, in March 2021, the final round of federal stimulus cheques to reach American bank accounts was approved.
Unemployment Rate
The country’s rate of unemployment was 6% in March 2021. Although the American Rescue Plan stimulus package was adopted by lawmakers before that data was widely publicized, the unemployment rate in February 2021 was still a bit higher at 6.2%.
The unemployment rate was 4% in January 2022. It was at the same level in July 2022 as in February 2020, just before the pandemic, at 3.5%. Additionally, the unemployment rate only slightly increased in November 2022, rising to 3.7%.
The unemployment picture in 2023 could alter, mainly if a recession occurs. We can rule out the possibility of yet another federal windfall if the jobless rate stays where it was in 2022.
Stimulus Check 2023
There is cause for concern that the state of the economy may deteriorate in 2023. And the rate of unemployment might start to increase.
The national unemployment rate won’t likely increase significantly, so lawmakers won’t probably release stimulus funds until then.
There was a lot of backlash to the most recent installment of federal stimulus funding. Since many people have attributed this year’s inflation problems to last year’s stimulus policies, lawmakers will undoubtedly err on caution when disbursing funds.
To determine how likely another stimulus payment will be forthcoming in 2023, we’ll have to monitor the country’s unemployment rate closely, according to The Motley Fool.
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