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Following an April jobs report that fell significantly short of expectations, 25 GOP-led states announced they would be ending unemployment benefits early to incentivize people to get back to work. Both Bank of America and Goldman Sachs partially agreed that doing so will ease the labor shortage, with Goldman projecting a resultant spur to hiring in the coming months.
Goldman’s Joseph Briggs wrote in a Friday note that the 25 states opting out of President Joe Biden’s $300 weekly unemployment benefits will boost job growth by 150,000 in July and over 400,000 in details ⇒
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