JPMorgan Sees Little Sign of Workforce Gain After Benefits Cut

In U.S. states where governors have prematurely ended supplemental unemployment insurance programs, there’s little indication that cutting off the benefits has improved the labor markets in those states.

That’s the finding of a JPMorgan research note released Friday that examined Google searches for key words like “unemployment” and “jobs” in states that stopped enhanced payments provided in the pandemic. The analysts saw scant evidence of an increase in people looking for work in those regions.