Finance

About 3.2 million people are long-term unemployed, meaning they’ve been out of work for at least six months, according to the August jobs report issued Friday.
They represent 37.4% of all unemployed individuals. The share has fallen from its pandemic peak, but still remains historically elevated.
Federal unemployment benefits for the long-term unemployed expire this weekend. Job prospects may be impacted by the Covid-19 delta variant.

OLIVIER DOULIERY | AFP | Getty Images

More than a third of jobless Americans in August were long-term unemployed as benefits for these workers are set to expire.
About 3.2 million people — or 37.4% of the total unemployed — have been out of work for at least six months, the official barometer for long-term unemployment, the U.S. Bureau of Labor Statistics reported Friday.

The share has fallen for two consecutive months and is less than its March 2021 peak of 43.4%. But August’s level remains high by historical standards. The Great Recession is the only other period since World War II during which more than 30% of jobless Americans were long-term unemployed; at that time, it topped out at 45.5% in April 2010.  
Individuals out of work for long periods of time typically face greater financial hardship.
Household income may drop significantly and finding a new job becomes more difficult, according to labor economists. The dynamic may negatively impact long-term earnings potential and increase the odds of losing a future job.
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Federal expansions of unemployment benefits have propped up household income during the pandemic and blunted these financial impacts.

The unemployed can typically collect state unemployment insurance for up to 26 weeks, though some states offer less. The expansions offered several additional weeks of federally financed benefits for the long-term unemployed.

However, those benefits expire on Labor Day. (Administrative rules mean they’ll lapse on Saturday or Sunday, though, depending on the state.)
About 3.8 million long-term unemployed were receiving that federal assistance as of mid-August, the U.S. Department of Labor reported Thursday. Most Republican state governors withdrew the federal aid in June or July before their official nationwide expiration.
Other federal aid is ending around the same time, too. The Supreme Court on Aug. 26 struck down a national eviction ban put in place by the Biden administration, potentially affecting millions of people behind on their rent. (Some states still have an eviction moratorium in place.)
Job prospects may also be hindered due to a spike in new Covid cases fueled by the highly contagious delta variant.

The U.S. added 235,000 jobs in August, much fewer than the 720,000 economists had expected and a marked slowdown from the roughly 1 million added in both June and July. The economy is still 5.3 million jobs short of its pre-pandemic levels.
Despite that slowdown, Biden administration officials pointed to average job growth of 750,000 in the past three months and a drop in the unemployment rate to 5.2%, the lowest since the pandemic started.
“But we have work to do to beat back the delta variant and build an inclusive economy,” U.S. Labor Secretary Marty Walsh said. “Rising infection rates in some states hit the food and retail sectors hard, where workers of color and women are disproportionately represented.”

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Check out the companies making headlines before the bell:
Didi Global (DIDI) – Didi rallied 4.3% in the premarket following a Bloomberg report that Beijing was considering taking a stake in the ride-hailing company and possibly bringing it under state control. It is unclear what size stake Beijing would consider taking in the company.

Netflix (NFLX) – The video streaming service’s stock remains on watch today after rising in 14 of the past 15 sessions and hitting an all-time high in Thursday’s session.
MongoDB (MDB) – MongoDB lost 24 cents per share for its latest quarter, narrower than the 39 cent loss that analysts anticipated. The database platform company also reported better-than-expected revenue and gave upbeat current-quarter revenue guidance. Shares soared 13.5% in premarket action.
PagerDuty (PD) – PagerDuty shares surged 14.5% in the premarket, after reporting a loss and revenue that beat consensus. The provider of digital operations management solutions reported an adjusted loss of 13 cents per share for its latest quarter, 2 cents narrower than expected, while issuing a strong current-quarter revenue outlook.
Hewlett Packard Enterprise (HPE) – Hewlett Packard Enterprise came in 5 cents ahead of estimates with adjusted quarterly earnings of 47 cents per share, while revenue was essentially in line with analyst forecasts. The company’s business continues to get a boost from the pandemic-driven move to digital operations.
Western Digital (WDC) – The disk drive maker’s shares added 1.9% in the premarket, following a published report in Japan saying memory chip maker Kioxia favors a planned initial public offering over a possible merger with Western Digital. The two sides had reportedly been in advanced talks to merge in a deal worth $20 billion or more.

DocuSign (DOCU) – DocuSign beat estimates by 7 cents with adjusted quarterly earnings of 47 cents per share and revenue that topped Street forecasts. The provider of electronic signature technology also raised its full-year guidance for total revenue, subscription revenue and billings.
Broadcom (AVGO) – The chip maker reported adjusted quarterly earnings of $6.96 per share, 8 cents above estimates, with revenue slightly above consensus. Broadcom also issued an upbeat current-quarter outlook as it continues to see strong demand in the 5G mobile market.
fuboTV (FUBO) – The sports programming streaming service’s shares jumped 4.5% in premarket trading after it received approval from Arizona regulators to offer mobile wagering in the state. Arizona is the second state to allow fuboTV to offer such betting, following a recent approval in Iowa.
Aurora Cannabis (ACB) – The cannabis producer’s shares were upgraded to “hold” from “underperform” at Jefferies, which cited a number of factors including valuation. The stock added 1% in premarket trading.
MicroStrategy (MSTR) – The business analytics company’s stock rose 3.1% in the premarket, as it continues to closely track movements in bitcoin. MicroStrategy has more than $5 billion in bitcoin on its balance sheet.

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Chinese investors are turning to mainland Chinese stocks, called A shares, as other investment options like real estate come under tighter government scrutiny.
Stock trading volume has held above 1 trillion yuan ($154.56 billion) for the last six weeks and hit a high for the year on Wednesday, according to Wind Information.
“Speculating on real estate is definitely out of play,” Schelling Xie, senior analyst at Stansberry China, said in Mandarin, according to a CNBC translation. Since Chinese authorities tightened a ban on cryptocurrency transactions this year, “where does this money go?”

A Chinese bank clerk counts yuan banknotes at a bank in Huaibei, east Chinas Anhui Province, July 6, 2012.
Jie Zhao | Corbis News | Getty Images

BEIJING — Chinese investors are turning to the local stock market as once-lucrative options like real estate and cryptocurrencies have fallen under tighter government scrutiny.
Since late July, daily trading volume in mainland Chinese A shares has held above 1 trillion yuan ($154.56 billion) and climbed to a high for the year of 1.71 trillion yuan on Wednesday, according to Wind Information.

That’s about twice the daily average trading volume of the last two years of 840 billion yuan, the data showed.
And on Wednesday, trading volume in the Shanghai composite alone was 842.2 billion yuan, the highest since July 2015, the summer China’s stock market crashed amid high speculation.

Six years later, this summer has been one of intense Chinese government regulation hitting the technology and education sectors. An underlying political call for “common prosperity” — moderate wealth for all, rather than just a few — has emerged as Beijing’s impetus for these new policies.
Ting Lu, Nomura’s chief China economist, expects this new political push to reduce wealth inequality will be felt the most in real estate.
Surging house prices over the last few decades have attracted significant speculation and created financial burdens for families trying to buy a home in an area with a good school or near work. Chinese authorities have emphasized in the last few years that “houses are for living in, not speculation” and restricted the ability of property developers to build up new houses with high levels of debt.

“Markets may have become so focused on the regulatory storm that they ignore the elephant in the room: Beijing’s curbs on the property sector, which makes up one-quarter of China’s economy and half of the global construction business,” Lu said in an Aug. 24 report.
“Markets should be prepared for what could be a much worse-than-expected growth slowdown, more loan and bond defaults, and potential stock market turmoil,” he said.

More short-term stock trading

In 2018, about 65% of Chinese private household assets were in real estate, versus 49% in the U.S., according to Noah Research. That means a lot of Chinese capital could come into stocks.
“Speculating on real estate is definitely out of play,” Schelling Xie, senior analyst at Stansberry China, said in Mandarin, according to a CNBC translation. Since Chinese authorities tightened a ban on cryptocurrency transactions this year, “where does this money go?”
He expects more money will come into the stock market, especially as uncertainty over economic growth has investors expecting that monetary policy will only get looser, allowing more capital to flow.
The mainland stock market, the second-largest in the world, has grown significantly since the 2015 crash and has drawn a greater share of institutional investors. But speculation-prone retail investor behavior remains in a stock market many have likened to a casino.
In the latest rise in trading volume, many investors have changed to a short-term approach from a long-term one as it’s “not that hard” to ride a surge in some lesser-known stocks if a trader is “sensitive enough,” Xie said.

Read more about China from CNBC Pro

The heightened investor interest has affected Chinese stock indexes differently. This week, the Shanghai composite is on track for gains of more than 2%, while the Shenzhen composite is little changed and the Star 50 is down more than 5%.
“The recent high trading volume is mainly driven by sector rotation,“ said Chaoping Zhu, global market strategist at JPMorgan Asset Management. “Facing persistent market uncertainties, investors have been selling high-valuation growth stocks and buying defensive sectors with low valuation.”
“For example, low-valuation blue chips in banking, securities and property sectors are attracting large inflows,” he said, adding that quantitative trading has increased recently as well.

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China’s increasingly powerful cybersecurity regulator last Friday released sweeping draft rules for regulating use of so-called recommendation algorithms.
That’s the technology that has helped China’s largest tech companies from e-commerce giant Alibaba to TikTok-owner ByteDance build up their multibillion dollar businesses.
The world is watching. The proposed rules, if passed, might require companies to restructure their businesses and give regulators access to proprietary information, Kendra Schaefer, Beijing-based partner at Trivium China consultancy, told CNBC.

Computer code is seen on a screen above a Chinese flag in this July 12, 2017 illustration photo.
Thomas White | Reuters

BEIJING — Chinese authorities are planning to restrict how companies use algorithms to sell products to consumers, a move analysts said likely runs counter to business interests and sets a precedent for other countries.
China’s largest tech companies from e-commerce giant Alibaba to TikTok-owner ByteDance have built their multibillion dollar businesses on algorithms that serve up content a customer is more likely to spend money or time on, based on previous viewing records.

The increasingly powerful cybersecurity regulator last Friday released sweeping draft rules for regulating use of these so-called recommendation algorithms. The proposal is open for comment until Sept. 26, with no specified implementation date so far.

The groundbreaking rules could set up a clash between China’s technology giants — which have been subject to increasing regulation over the past 10 months — and Beijing, which has sought to rein in their power.
And China’s algorithm rules will be closely watched by other countries and technology firms around the world for how it might affect business models and innovation, analysts said.
“Companies are going to have a lot to say about this because this has the potential to restructure business models,” Kendra Schaefer, Beijing-based partner at Trivium China consultancy, told CNBC.
The rules have also thrown up questions about how enforcement will happen and how intrusive regulators might have to be to actually get companies to comply with these rules.

What the draft says

Here are some of the key points in the draft rules:

Companies must not set up algorithms that push users to become addicted or spend large amounts of money.
Service providers need to notify users in a clear way about the algorithmic recommendation services they provide.
Users need to have a way to switch off algorithmic recommendation services. Users should also have a way to choose, revise, or delete user tags used for the recommendation algorithm. 
When algorithms are used to market goods or provide services to consumers, the company behind it must not use the algorithm to carry out “unreasonable” differentiation in terms of prices or trading conditions.
Any violations of the rules could land companies with fines between 5,000 yuan and 30,000 yuan ($773 and $4,637).

These proposed rules come as the Chinese government has ramped up its regulation on homegrown technology giants in the last year, primarily in the name of cracking down on monopolistic practices and increasing data protection.
On Wednesday, a new data security law took effect. A personal data privacy law is set to take effect on Nov. 1.

What enforcement might look like

Recommendation algorithms are formed of code that is fed specific information about users to help provide more tailored results. If you’re on an e-commerce site, some of items you see on the homepage are likely there because of your browsing or shopping habits.
But the algorithm’s code is not something that is made public and that could make enforcement difficult. At the very least, it could require regulators to inspect companies’ code behind the algorithms.
“You can’t carry out algorithmic regulation without looking at the code,” Trivium China’s Schaefer said.

Authorities are to carry out algorithm “security assessments” and inspection of the recommendation services, according to the draft rules. Companies must cooperate and provide any necessary technical or data support.
That would give regulators in China enormous power.
But it also throws up some challenges.
“First of all you need the technical capacity to do this. … You also need the bureaucratic process to do it. All that has to be sorted and it has not been yet,” Schaefer said.
This intrusiveness could set up a clash between China’s technology giants and regulators.
“I’m sure there are issues with privacy rights with companies … that [the code] is proprietary information,” Schaefer added.
None of the Chinese tech companies contacted by CNBC had immediate comment on the draft rules, with two indicating it’s too early in the process to assess them. The cybersecurity regulator did not immediately respond to a CNBC request for comment on the extent of implementation or impact on innovation.

Business model changes?

Many of China’s technology giants aren’t making money off of their algorithms directly. Instead, they’re used to direct consumers to products. For example, you may be watching videos on an app and then get recommended similar content. A company would monetize that via advertising or even getting you to buy things.
The latest rules could have the potential to force companies to change their business models, but it’s unclear as to what extent.
“The jury is still out on the implications for operations and profits,” said Ziyang Fan, head of digital trade at the World Economic Forum.
“It depends on a number of factors, such as the level of enforcement, and market reactions — how many users would choose to ‘turn off’ [the] recommendation algorithm if that’ll lead to a suboptimal user experience, such as getting cat videos pushes when you are a dog person?” he said in an email.
“If we see a significant drop in indicators such as DAUs [daily active users] and retention rates, then the implications for profits could also be significant,” he said, noting that social media companies may see the impact more, while online shopping and ride-hailing “probably less so.”

Where the rest of the world stands

As the intersection between tech and daily life grows, countries and regions around the world are increasingly looking at ways to regulate technologies and the companies that sell them.
That’s resulted in different approaches, so far. In the area of algorithms, China is specifically focused on the technology’s recommendation feature, while the U.S. and European Union are discussing broader laws around artificial intelligence.
Earlier this year, the European Union issued a draft law called the Artificial Intelligence Act with the purpose of facilitating “the development of a single market for lawful, safe and trustworthy AI applications” and pushing innovation in the space.
The law has “specific requirements that aim to minimise the risk of algorithmic discrimination.”
But there are a number of differences with China’s algorithm rules.
WEF’s Fan said the EU follows a “risk-based approach” while China’s rules “do not differentiate risk levels and apply to all use of algorithm recommendation technology.” That can cover a broad range of industries from food delivery to education.
And China’s rules “target algorithms directly at the user and product level,” such as the ability for users to switch off the algorithm, as stated in the proposed rules, Fan added.

Read more about China from CNBC Pro

Once enacted, China’s law on algorithms will be closely watched around the world as authorities try to figure out how to regulate technology in the future.
“This is going to set a global example,” Schaefer said. “Tech companies overseas are going to see how Chinese tech companies do or do not profit given these restrictions on algorithms. If they change business models, if they can succeed despite regulation on algorithmic process, there is very little excuse for … foreign governments not to do the same.”
“If they fail and they are not as profitable and shareholders are disappointed, then that is bad, too,” she said. “That bolsters the argument you can’t implement algorithmic regulation without detrimental effects to innovation.”

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A trader works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, Aug. 23, 2021.
Michael Nagle | Bloomberg | Getty Images

U.S. stock futures were steady in overnight trading on Thursday as investors geared up for August’s jobs report.
Dow futures rose just 6 points. S&P 500 futures gained 0.05% and Nasdaq 100 futures were flat.

On Thursday, the S&P 500 and Nasdaq rose to records on the back of better-than-expected jobless claims data. The initial filings for unemployment insurance fell to their lowest levels since March 2020.
The Labor Department reported first-time jobless claims totaled 340,000 for the week ended Aug. 28, compared with the 345,000 estimate.
The S&P 500 climbed 0.3%, hitting its 54th record closing high of 2021. The technology-heavy Nasdaq Composite rose 0.14% to close at an all-time high. The Dow Jones Industrial Average popped 131 points or 0.4%.
Investors are now looking ahead to August’s nonfarm payrolls report — released Friday morning — which could give clues about how fast the Federal Reserve will remove easy monetary policy. Economists polled by Dow Jones expect 720,000 jobs were added in the month, down from 943,000 jobs added in July.  The unemployment rate is expected to dip to 5.2%, compared to 5.4% in July.
Forecasts for the report are wide-ranging, from about 300,000 to 1 million.

“The payroll number could have a significant impact on the stock and bond markets primarily because it could again move the goalpost for the start of QE tapering by the Federal Reserve,” said Jim Paulsen, chief investment strategist for Leuthold Group. “Worries abound that the continued surge in the delta variant is weakening economic growth enough to force the Fed to back off tapering this year.” 

Stock picks and investing trends from CNBC Pro:

Fed Chairman Jerome Powell has emphasized the need for more strong jobs data before the central bank would start to unwind its massive bond-buying program.
The central bank will also be looking at whether there are tell tale signs that Covid impacted hiring and activity. The virus variant has been a wild card for the economy, and its impact could be a factor that sways the Fed as it considers the first step away from the easing policies.
“If the jobs number is substantially weaker than expected, any imminent tapering could be postponed causing a renewed drop in bond yields, a shift in stock market leadership away from small caps and cyclicals back toward technology and defensives, and perhaps a pullback overall for the stock market,” added Paulsen.
The S&P 500 and Nasdaq started September on a strong foot. The S&P 500 and the Nasdaq Composite have rise 0.6% and 1.3% so far this week. The Dow is about flat since Monday.

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A major investment bank is avoiding Chinese stocks, but buying its bonds.
J.P. Morgan’s Joyce Chang believes the country’s regulation crackdown is heating up and will create downward pressure on major market groups and industries.

“We really recommended [investors] to stay sidelined for the time being,” the firm’s chair of global research told CNBC’s “Trading Nation” on Thursday.
Chang anticipates China will actively target companies in waves, and the latest one could last another couple of months. The regulation activity is part of its “common prosperity” push that focuses on consumer and social welfare.
“Those are the buzz words, and a lot of these targets are targets until 2035,” she said. “There’s reason to be cautious here.”

Arrows pointing outwards

This week, Beijing regulators summoned ride-hailing apps Didi Global and Meituan over non-compliant behavior. Didi is off 37% over the past three months while Meituan is down 19%.
China is also looking for greater control of its listed stocks. The country’s President Xi Jinping says he wants a stock exchange in Beijing for small and medium-sized entities.

“China has made it very clear that they still want the capital to come in, but they want it on their terms and they want it on their exchanges,” added Chang.
Despite her near-term negativity on the stocks, Chang is a long-term China bull and contends the country is massively under-owned by global investors. She believes buying its bonds is a strategic way to get exposure to economic growth while limiting downside risk tied to the regulation crackdown.
“The best way to play China right now is actually plain vanilla in the bond market,” Chang said. “Chinese government bonds still have a very attractive yield relative to the rest of the world.”
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A dog sits in front of the New York Stock Exchange (NYSE) during Chewy Inc.’s initial public offering (IPO) in New York, U.S., on Friday, June 14, 2019.
Michael Nagle | Bloomberg | Getty Images

Check out the companies making headlines in midday trading.
Five Below — The retail stock tumbled 13% after the company reported a quarterly revenue miss. Five Below posted $646.6 million in revenue in the second quarter, compared to forecasts of $648.3 million, according to Refinitiv. Its second-quarter earnings came in above expectations, however.

Chewy — Shares of the pet retailer took a 9.3% hit after reporting quarterly results late Wednesday. Chewy recorded a loss of 4 cents per share, which was greater than the 2 cents estimated by analysts. It also missed revenue expectations, reporting $2.16 billion for the quarter compared to estimates of $2.2 billion. Chewy pointed to a higher-than-usual level of out-of-stock products and issued a weaker-than-expected outlook.
C3.ai — Shares of the software company ticked 10.2% lower after reporting a loss of 37 cents per share, compared to analyst estimates of 28 cents, according to Refinitiv. C3.ai made $52.4 million in revenue last quarter, topping estimates of $51.2 million.
Okta — The identity management software company’s stock rose 2.6% after the company reported a smaller-than-expected loss for its second quarter. Okta reported an adjusted loss of 11 cents per share on $315.5 million in revenue. Analysts surveyed by Refinitiv were expecting a loss of 35 cents per share on $296.5 million in revenue. Investment firm Needham upgraded the stock to buy from hold following the report, citing strong growth.
ChargePoint — Shares popped 8.2% after the company gave strong third-quarter revenue guidance and raised its full-year revenue estimates. The company reported a quarterly loss of 13 cents per share on revenue of $56.1 million. Earnings matched estimates and revenue topped estimates.
Lands’ End — The clothing retailer’s stock dropped 9.1% after Lands’ End said its profit margins would moderate in the back half of its fiscal year due to supply chain challenges.Earnings beat on the top and bottom lines of quarterly results.

Hormel Foods — The food company fell 4.6% after giving full-year earnings guidance below analyst expectations. The company said it expects earnings between $1.65 and $1.69 per share, while Wall Street estimated $1.71 per share. Hormel did beat analysts’ forecasts for revenue.
Signet Jewelers — Shares of the jewelry company popped 5.7% after Signet reported earnings of $3.57 per share, well above the $1.69 per share expected by Wall Street, according to Refinitiv. Signet made $1.79 billion in revenue, topping forecasts of $1.64 billion.
— with reporting from CNBC’s Yun Li, Tanaya Macheel and Jesse Pound.

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Federal unemployment programs created by the CARES Act in March 2020 end this weekend. They expanded the safety net for the jobless to a historic degree.
About $794 billion in benefits were issued from March 2020 through July 2021, according to the Labor Department.
The jobless received 1.5 billion in total weekly payments during that period, according to the agency.

Gabby Jones/Bloomberg via Getty Images

Amount

States issued $794 billion in combined state and federal unemployment benefits from March 2020 through July 2021, according to a U.S. Department of Labor spokeswoman.
That sum is far higher than during any other period in history, according to labor experts.

It’s tough to draw direct comparisons, due to the different time scales of economic downturns. For an example, we can examine 2009, the year in which unemployment peaked during the Great Recession, which before the pandemic had been the worst U.S. recession since the Great Depression.

The jobless received $128 billion in total unemployment benefits in 2009, according to an Urban Institute analysis. By comparison, the jobless had gotten $637 billion — five times as much — about a year after the CARES Act became law, according to The Century Foundation.
CARES Act policies aimed to replace a big chunk of lost paychecks as laid-off workers were asked to stay home to reduce the virus’ spread.
“We had a lot of people we wanted to stay home,” said Betsey Stevenson, an economics and public policy professor at the University of Michigan. “We also had lots of people lose jobs right away.”
The law temporarily raised the amount of weekly benefits, by $600 a week and then $300 a week at various points thereafter. Those infusions essentially doubled or tripled the average weekly benefit.

It expanded aid to millions of people, like the self-employed and gig workers, who were previously ineligible for traditional state unemployment insurance. The long-term unemployed also received additional, federally financed weeks of benefits when they depleted state aid.
The $794 billion issued through July 2021 includes:

Bonus payments ($300 and $600 a week): $418 billion
State unemployment insurance: $167 billion
Pandemic Unemployment Assistance (for gig workers): $122 billion
Pandemic Emergency Unemployment Compensation (for the long-term unemployed): $75 billion
Extended Benefits (for the long-term unemployed): $12 billion.

Recipients

Determining the number of unique individuals who’ve collected benefits during the pandemic is an administrative challenge, according to labor experts. The Labor Department doesn’t collect this data from states, according to a spokeswoman.
A year into the pandemic, up to 46.2 million people had received at least one week of benefits, amounting to about 1 in 4 workers, according to an estimate from The Century Foundation.
That projection includes 15.5 million people who received at least one week of Pandemic Unemployment Assistance (for the self-employed and gig workers), who’d never before been eligible for benefits on a national scale.

“You could certainly say [unemployment benefits] unambiguously reached many more people, because they changed the coverage,” Julia Lane, an economist and professor at New York University, said of lawmakers’ CARES Act expansion.
By comparison, 14.5 million Americans collected at least one benefit payment in 2009 — less than a third of the pandemic annual total, according to The Century Foundation analysis. And 5 million did so in the 12 months before the pandemic began.

Total weeks

“Total weeks compensated” is another way to gauge the scope of benefit receipt. It measures the number of weekly benefit payments issued.
It’s not an exact measure of the number of individuals, because it doesn’t control for duration. (For example, 10 weeks of paid benefits might mean one person collected aid for 10 weeks, or that 10 people each collected for one week.)
There were about 1.5 billion total weeks compensated from March 2020 through July 2021, according to the Labor Department.
The sum includes:

Pandemic Unemployment Assistance: 609 million weeks
Regular state benefits: 555 million weeks
Pandemic Emergency Unemployment Compensation: 251 million weeks
Extended Benefits: 34 million weeks

By comparison, about 400 million weekly payments were issued in 2009, about half those paid in the pandemic’s first year, according to The Century Foundation.  

The pandemic total is also likely understated, since some states haven’t submitted regular data for Pandemic Unemployment Assistance, according to the Labor Department.
About half of U.S. states ended their participation in some or all federal unemployment programs in June or July, ahead of their official expiration this weekend, which limited the scope of payments.

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