Market data powered by FactSet and Web Financial Group. The rate of unemployed workers hit 14.7%, which is the highest level on record since … The extra $600 in weekly payments works out to $8,400 in taxable income if you received the benefit for 14 weeks, and remember, this money is offered on top of traditional unemployment … Note: Rates shown are a percentage of the labor force. Those who can't cover the bills between unemployment benefits and savings should reach out and ask for assistance, as there's lots to be had. (3) Number of jobs, in thousands, seasonally adjusted. Let's conquer your financial goals together...faster. (2) In percent, seasonally adjusted. Lower earners may actually be earning more money right now than usual thanks to the aforementioned $600 weekly boost in unemployment. Charleston-North Charleston-Summerville, SC, Myrtle Beach-North Myrtle Beach-Conway, SC, Employment, Hours, and Earnings from the CES survey (State and Area), Create Customized Maps -- Unemployment Rates. Even if we add in $600 a week, that's a total of $1,104. This is the fourth consecutive annual decline in poverty. Still, that means that 36% of laid-off workers are still struggling. Rather, they'll work with customers to get through this difficult period, which is good news for anyone who's having a hard time right now. This means that any unemployment compensation that you receive from a state or the federal government must be included in your income and will be taxed at your ordinary income tax rate. But initial data from March and early April shows that lower-income households are the ones who have been hurt the most in the course of the recent downturn. The Most employers receive a maximum credit of up to 5.4% (0.054) against this FUTA tax for allowable state unemployment tax. The .gov means it's official. (p) Preliminary, Data extracted on: But many workers don't have access to an emergency fund. Unemployment Rates for States, Seasonally Adjusted, Local Area Unemployment Statistics Information and Analysis, INFORMATION ON APPLYING FOR UNEMPLOYMENT BENEFITS, ADMINISTRATIVE USES OF LOCAL AREA UNEMPLOYMENT STATISTICS, SUBNATIONAL LABOR FORCE ESTIMATION METHODOLOGY. Before sharing sensitive information, Footnotes Here is how you know. Those benefits often amount to less than half of workers' former income. Many mortgage lenders are making it easy to put home loans into forbearance, while other loan servicers are being increasingly flexible with payment terms. The US unemployment rate dropped to 6.9 percent in October 2020, from the previous month's 7.9 percent and compared with market expectations of 7.7 percent, as the number of unemployed persons fell by 1.5 million to 11.1 million and the employment rose by 2.2 million to 149.8 million. Stock Market Loss in 2020? Federal government websites often end in .gov or .mil. South Carolina includes the following metropolitan areas for which an Economy At A Glance table is available:. Is Now a Good Time to Build an ESG Portfolio? The site is secure. Note: Rates shown are a percentage of the labor force. Since 2014, the poverty rate has fallen 3.0 percentage points, from 14.8 percent to 11.8 percent. And among those with an income above $100,000, only 13% of workers lost jobs. Here is how you know. November 12, 2020. In fact, 64% of those who lost jobs or saw their hours reduced expected to be able to pay their bills in full during April. The .gov means it's official. State Taxes on Unemployment Benefits: Illinois fully taxes unemployment compensation. make sure you're on a federal government site. Here's What an Extra $6,500 a Year Could Do for Your Retirement Savings, Copyright, Trademark and Patent Information. Stock Advisor launched in February of 2002. The official poverty rate in 2018 was 11.8 percent, down 0.5 percentage points from 12.3 percent in 2017. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Data refer to place of residence. The FUTA tax is 6% (0.060) on the first $7,000 of income for each employee. https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. https:// ensures that you are connecting to the official website and that any The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. But thanks to the COVID-19 relief package passed in late March, workers on unemployment are now entitled to an additional $600 a week on top of the benefit they'd otherwise qualify for.