Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
A staggering number of Americans continue to fall into a troubling labor market category: out of work for so long that regular unemployment programs have expired. And, that number is rising.
What it means: People are falling off the state unemployment rolls and likely getting work. But that’s being offset by people who are falling off because they are simply no longer eligible to collect state unemployment.
- They’re transitioning to the Pandemic Emergency Unemployment Compensation (PEUC) program, which provides 13 extra weeks of support.
What they’re saying: “The decline in continuing claims exaggerates the improvement in total employment," Conrad DeQuadros, an economist at Brean Economics, wrote in a note.
By the numbers: Roughly 160,000 more people moved onto PEUC in the week ending Oct. 24, bringing the total number of claimants to 4.1 million, according to the Department of Labor.
- PEUC expires on Dec. 26, which will rip financial support out from right underneath millions of people (unless it’s extended by Congress, which appears unlikely).
- The same is true for Pandemic Unemployment Assistance, the program for gig and freelance workers, where 9.4 million people are said to be collecting benefits.
What to watch: Over half a million people are tapping Extended Benefits, an option for eligible unemployed workers in most states that have exhausted regular state and PEUC benefits — 21,000 fewer people than last week.