Government unemployment insurance payments skyrocket in June

Unemployed Americans are eligible for additional $600 a week

The federal government paid out more in unemployment insurance benefits in June than it has in any other month since the onset of the coronavirus pandemic.

Continue Reading Below

Unemployment insurance benefits totaled $108.4 billion for the month, according to data released this week by the U.S. Treasury Department. So far this year, the government has paid $267.2 billion in benefits.

UNEMPLOYED IN FOCUS AS LAWMAKERS CONSIDER NEW STIMULUS BILL

In May, unemployment insurance benefits were around $93.6 billion – while they were $46.5 billion in April.

Under the CARES Act, eligible Americans who are out of work entirely or underemployed because of reasons related to coronavirus can receive an additional $600 a week for up to four months.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Unless the measure is extended, the expanded benefits are scheduled to expire at the end of July. Republicans have expressed hesitation to continue the policy, which some lawmakers believe discourages people from going out to obtain new employment. However, Senate Majority Leader Mitch McConnell, R-Ky., said Tuesday that providing basic protections for the unemployed is “extremely important” as lawmakers consider another stimulus package.

About 47 million Americans have filed new unemployment claims since mid-March.

The government will give an updated reading this week on the state of the labor market when it releases the June employment report Thursday.

CLICK HERE TO READ MORE ON FOX BUSINESS