Name: Stimulus checks, unemployment benefits lift 1.6 million Americans out of poverty
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Stimulus checks, unemployment benefits lift 1.6 million Americans out of poverty

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Key PointsMore than one million Americans were lifted out of poverty in January as a result of federal stimulus checks and additional unemployment benefits, according to economists at the University of Chicago and University of Notre Dame.It's the first drop in poverty since the summer, they said, though they cautioned the gains may quickly erode absent of more relief.Federal lawmakers in December passed a $900 billion Covid-19 relief measure that offered $600 stimulus checks and a in jobless benefits. It also extended unemployment benefits to those who don't typically qualify, like self-employed and gig workers.More from Personal Finance:That cash infusion led the U.S. poverty rate to fall to 11.3% in January, from 11.8% in December, according to , and , who co-authored the report.That means about 1.6 million people fell from the ranks of the poor as the government began distributing payments.The reduction marks a turnaround from the growing hardship that emerged after CARES Act pandemic relief began to dry up last year. More than 8 million people between June and December, the researchers found.Lawmakers propose plans to bring children out of poverty"Our latest poverty estimates, for January 2021, indicate that this relief has reversed the recent trend of rising poverty," they wrote in a issued Friday.In 2021, the is $12,880 in annual income for a single adult and $26,500 for a family of four.Poverty fell sharply for groups like Blacks and those without college degrees, who had experienced a steep rise in poverty since the summer.However, rates are still high for such groups. The poverty rate for Blacks is more than double that of whites, and it's nearly three times higher for those with a high school degree or less, relative to those with more education, according to the economists.Unemployment benefits are set to for absent more pandemic aid. Congress may soon issue more relief, however.The Democrat-led House on Saturday. The bill offers $1,400 stimulus checks for individuals who make up to $75,000. (It scales down the check amount after that, for those who make up to $100,000.) The bill by $100 a week — to $400 — and extends payments through August.More than 19 million people are receiving jobless aid, according to the Labor Department.

Key PointsMore than one million Americans were lifted out of poverty in January as a result of federal stimulus checks and additional unemployment benefits, according to economists at the University of Chicago and University of Notre Dame.It's the first drop in poverty since the summer, they said, though they cautioned the gains may quickly erode absent of more relief.Federal lawmakers in December passed a $900 billion Covid-19 relief measure that offered $600 stimulus checks and a in jobless benefits. It also extended unemployment benefits to those who don't typically qualify, like...

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Personal finance reporter @CNBC. Improv comedy @magnettheater. I write about travel for fun (http://anodetotheroad.com). Tips: gregory.iacurci@nbcuni.com

Greg Iacurci

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Stimulus checks, unemployment benefits lift 1.6 million Americans out of poverty

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