The study found that while aggregate spending of the employed was down by 10% during the initial months of the pandemic, spending by people on the unemployment benefit increased by 10%.
The extra $600 per week in unemployment benefits that was part of the COVID-19 CARES Act passed in March 2020 did more than just help the recently unemployed stay afloat. It helped stimulate the economy, too. That’s according to a finding from a study done by the JPMorgan Chase Institute.
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