As pandemic-era government assistance comes to an end amid the transition to promote economic recovery, millions of Americans are losing their unemployment benefits.
As of Labor Day, 7.5 million Americans will no longer receive jobless benefits that were implemented to keep them afloat during government-imposed lockdowns, Fox News reported.
Now that those lockdowns are lifted, three federal programs giving additional unemployment benefits ended on Monday, which will likely force those Americans depending on them to begin a job search.
While nearly 8 million Americans lost all of their unemployment benefits, 3 million more could lose the added $300 federal monthly benefit soon, according to Century Foundation.
Those who lost their benefits will now have the option to return to work and fill the record 10.1 million open jobs that have left employers in a labor shortage for the past few months, the outlet added.
The 10.1 million job openings is double the current number of Americans who are unemployed, roughly 5.5 million.
This report comes just days after the Labor Department revealed a disappointing August jobs report that showed the U.S. only added 235,000 jobs, falling short of an expected 733,000.
Unemployment fell just slightly from 5.4 percent to 5.2 percent. However, with pandemic assistance benefits dropping on Labor Day, we could see a plunge in unemployment in the September jobs report that will come out on the first Friday of October.
There has never been a better time than now in America for people to competitively search for jobs considering the drought in workers. As pandemic-era federal assistance measures are lifted, the economy is bound to come roaring back.