Thousands of unemployed workers in Connecticut wondering how a new president in office changes the job outlook. The weekly jobless numbers are encouraging, but experts say it will take some time to feel the full effects of jumpstarting the economy.
Matthew Glasser’s Manchester audio business hasn’t just taken a hit amid the pandemic - things have come to a complete halt.
“Everything I’ve had to keep up the business plan but with no gigs,” Glasser said.
While he has received some unemployment benefits, it's nowhere near to close to cover what he’s lost.
“I went from making a PUA weekly payment of around $400 a week down to $16 a week,” Glasser said.
Thursday, new weekly initial jobless claim numbers show 900,000 claims filed since last week but John Rosen, adjunct professor of economics at the University of New Haven, said the numbers are somewhat encouraging.
“They were down by about 2.8% across the country which is good news it means that things that are trending better getting better,” Rosen said.
Rosen said President Joe Biden’s nearly $2 trillion recovery plan, which must be approved by Congress, will take time to see results.
“For the next couple of months whatever you’re living on now is what you’re going to be living on,” Rosen said.
Nearly 11 million Americans are receiving unemployment benefits. Biden’s relief plan includes an extra $1 trillion that would be allotted to help struggling Americans with the third round of stimulus checks, giving them $1,400 in direct payments, as well as an extra $400 a week for unemployed and other affected workers.
Rosen said current numbers show unemployment is up 4.5 times what it was before the pandemic but predicts returning to pre-pandemic numbers is around the corner.
“My opinion in the data I look at says that point is at least a year away,” Rosen said.
For workers like Glasser, it’s a test of patience, with relief in the nearing future.
“A jumpstart on our economy is getting business is open again,” Glasser said.