Dealing with soaring inflation has taken up the entire year of 2022 for American consumers. And, in order to keep up with rising living costs over the last year, many people have depleted their savings accounts and accumulated large credit card debt.
The fact that there was no federal stimulus money to fall back on when inflation surged made the previous year much more difficult. The final round of federal stimulus checks to reach American bank accounts was approved in March 2021, before the inflation rate began to rise.
In March 2021, the country’s unemployment rate was 6%. Although Congress passed the American Rescue Plan stimulus package before the statistics was widely known, the unemployment rate in February 2021 was still a bit higher at 6.2%.
In January 2022, the unemployment rate was 4%. It was 3.5% in July 2022, the same as it was in February 2020, right before the pandemic. Furthermore, the unemployment rate grew just a little in November 2022, rising to 3.7%.
The unemployment picture in 2023 may change, particularly if a recession arises. We can rule out the likelihood of another government windfall if the unemployment rate remains constant in 2022.
Stimulus Check 2023
There is reason to be worried that the economy will suffer in 2023. And the unemployment rate may begin to rise.
Because the national unemployment rate is unlikely to rise significantly, lawmakers are unlikely to release stimulus funds until then.
The most recent round of government stimulus funding drew a lot of criticism. Because many people blame this year’s inflation difficulties on last year’s stimulus policies, lawmakers will almost certainly be cautious when disbursing cash.
According to The Motley Fool, we’ll have to closely monitor the country’s unemployment rate in 2023 to decide how likely another stimulus payment will be arriving.