We don’t have any official documents regarding extended unemployment here is the current breakdown.
The EUC program expires December 29, 2012. What this means is that any extension of unemployment beyond your States unemployment or any extensions they may offer. For Michigan residents using MARVIN that means no new claims will be established after December 22, 2012, and claims for Tiers 2 and 3 can’t be established after week ending December 29, 2012. The big thing to note is that if you are collecting any sort of EUC benefits no money will be paid out after December 29, 2012.
In Michigan and the rest States of the nation that are eligible for Federally funded Extended Unemployment Compensation (EUC) the program has expired and it is up to Congress to work on another extension which at this point is unlikely given the 2012 election cycle.
One of the reasons is because politically unemployment will drop as people lose incentives to look for work. Looking for work is a key status to be counted in the unemployed survey.
So what is happening is instead of being counted as unemployed, you have joined a new class of people these people are “not in the workforce!.
A number that now sits at a high not seen since the Great Depression.