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Thursday, November 6, 2008

Long-term unemployment benefits reach 25-year high


Although the number of new claims for unemployment benefits dropped by 4,000 last week, the total number of people receiving benefits hit a 25-year high of 3.84 million, an increase of 122,000. The increase suggests that the unemployed are taking longer to find new jobs. Benefits typically last 26 weeks, but in June Congress approved a 13-week extension. About 773,000 people claimed benefits under the extension for the week ending Oct. 18.

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