An Increase Of 100% In Top Earners Collecting Unemployment Benefits Last Year

According to a Census Bureau poll, the percentage of Americans in high-income households receiving unemployment benefits has more than a sixfold increased in the previous year.

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According to the Census Bureau's latest Household Pulse Survey, which was conducted between March 29 and April 10, about 113,800 persons in families with annual incomes of at least $200,000 reported receiving benefits in the previous seven days. This is an increase from around 18,100 a year ago.

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The rise might be attributed to the recent wave of layoffs in white-collar industries such as technology and finance.

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Higher-income households are seen to increase unemployment claims.

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According to the most recent study, 113,793 workers earning at least $200K per year are seeking unemployment benefits, up from 18,114 a year earlier.

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It also demonstrates the turnover in the higher-paying rungs of the job market: more than 250,000 people in such homes reported getting unemployment insurance payments at some time since June 1, somewhat more than twice the number reporting receipt in the previous seven days.

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The poll gives information on the history of unemployment insurance filers that aren't included in the Labor Department's weekly report on jobless claims, as well as how likely such filers are to get benefits.

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Since June 1, around 351,000 people in high-income households have claimed for unemployment benefits, with 72% receiving them. This is compared to a 54% rate for the whole population. The percentage was also higher for college graduates, at 64%, compared to 51% for those without a four-year degree.

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Among the nearly 1.4 million people who reported receiving benefits in the past seven days, 84% said they supplemented government help by incurring more credit card debt, depleting savings (including withdrawals from retirement accounts), or selling belongings to satisfy their requirements.

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