Economics
Unemployment Payments by Treasury Hit Pandemic High in June
- Payment surge reflects effort to catch up with claims backlog
- Treasury still faces $105 billion shortfall, calculations show
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The U.S. Treasury Department has paid out more than $100 billion in unemployment benefits in June, the most for a single month since the pandemic started and underscoring the importance of federal relief efforts to shore up a battered job market.
With just one day left to be reported, the U.S. Treasury paid out $108.5 billion in unemployment benefits in June -- the most on record dating back to 2005 -- according to the department’s latest daily statement Tuesday.