Unemployment Extension News and Economic Trends Reviewed today February 28, 2014:
Many Americans tuned in yesterday to gain insight into the current economic recovery process happening in the U.S. Federal Reserve Chair Janet Yellen testified to the Senate Banking Committee on the current state of economic affairs in the U.S. and on monetary policy. Many of America’s long term unemployed tuned in to glean information on economic progress given that many remain without long term unemployment compensation. The Senate continues to debate the possibility, but for now, a long term benefit extension has been left unapproved.
According to Janet Yellen’s testimony, she believes that the U.S. economy continues to recover. The Feds will continue to carry out the federal stimulus tapering plan which began months ago. The long term unemployed in the country took note that Yellen reported that no conflict exists between maximizing employment and tapering stimulus funds. It should be noted that since the tapering began, both monthly jobs reports have been much weaker than expected. The data has been contrary to the number of job additions needed to support a great reduction in the number of Americans in need of a long term unemployment extension.
Yellen implied that the weather is the culprit for the recently soft economic data. She stated that she and her colleagues will continue to monitor economic developments to determine if the recovery is progressing adequately.
I guess for now, approximately 2 million Americans without unemployment benefits will wait longer as Yellen and other policy leaders continue to “interpret the data.”