Jobs Picture Disappointing in May

On Thursday, the government reported that the number of workers filing new applications for unemployment insurance fell last week by 10,000 to a seasonally adjusted 453,000. But those still receiving benefits rose to its highest level in nearly two months, to 4.67 million in the week that ended May 22. The four-week moving average of new claims, which is considered a better measure of job market trends, rose by 1,750 to 459,000.

Unless Congress acts soon, some 1.2 million unemployed workers will start running out of benefits by the end of June.

Unemployment benefits extension not settled

The House last Friday passed a jobs bill that would extend emergency unemployment benefits, but not before the Senate recessed for a weeklong break. The Senate is expected to take up the measure when it returns Monday.

AARP Executive Vice President Nancy LeaMond calls the bill critical for older adults’ well-being. “The legislation will avert a devastating 21 percent pay cut to doctors caring for people in Medicare and helps restore seniors’ and physicians’ confidence in a strong and reliable Medicare program,” LeaMond says. “The series of bills will also extend unemployment insurance benefits that are especially important to older workers who want to work but cannot get a job. The unemployment rate for older workers remains the highest in 60 years.”

But she also says it is disappointing that the House bill failed to include other priorities for older Americans, including extension of federal health insurance subsidies for people who lost their coverage when they lost their jobs.

Carole Fleck is a senior editor at the AARP Bulletin.