Jobs
Unemployed Americans Are Being Forgotten in a Strong Job Market
- Many states don’t update unemployment benefits for inflation
- Laid-off Americans rely on gig work, drain 401(k)s to survive
Heather Hammond, who lives in central Michigan with her husband and six kids, was let go from a home warranty company in early October and had to withdraw from her 401k plan to help stay afloat.
Photographer: Emily Elconin/BloombergThis article is for subscribers only.
An unexpectedly strong US jobs market is helping average Americans keep spending while staying up-to-date on their bills. In Atlanta, averages are of little comfort to people like LaRon Eskew.
Eskew, 28, lost his job at a large bank’s data center in February. He’s been getting by on gig work — fixing cars and installing security cameras — but the side hustles only bring in about three-quarters of his former salary.