Bankruptcy

Unemployment Benefits Extended

By J. Michael McBride

The number of unemployed jumped at its highest rate in 16 years. The jobless rate is at a 14 year high. Thus, the Congress has extended unemployment benefits – perhaps figuring in part that it might help consumer spending in December, which would benefit the economy at large.

“More than 1.2 million jobs have been lost so far this year, and the civilian jobless rate is at a 14-year high of 6.5 percent.

Thursday's Labor Department report said claims for unemployment benefits jumped last week to 542,000 the highest level since July 1992 and fresh evidence of a rapidly weakening job market that is expected to get even worse next year.

The legislation as approved would provide seven additional weeks of payments to people who have exhausted their benefits or will exhaust them soon. Those in states where the unemployment rate is above 6 percent would be entitled to an additional 13 weeks above the 26 weeks of regular benefits. Benefit checks average about $300 a week nationwide.

The benefits provided would be in addition to 13 weeks of federally funded extended benefits approved by Congress last June.”

Here is a link to the whole article:
http://news.yahoo.com/s/ap/20081120/ap_on_go_co/financial_meltdown

Michael

Full post as published by Texas Lawyer Blog on November 21, 2008 (boomark / email).