Friday, November 7, 2008

Longer-term jobless benefits hit 25-year high

Longer-term jobless benefits hit 25-year high

By JEANNINE AVERSA – November 6, 2008

WASHINGTON (AP) — The number of out-of-work Americans drawing unemployment benefits has surged to a 25-year high, while shoppers turned extra frugal, further proof of the damage from sinking economy, credit problems and financial stresses.

The Labor Department reported Thursday that the number of people continuing to draw unemployment benefits jumped by 122,000 to 3.84 million in late October, well above analysts' estimates of 3.74 million. That was the highest level since late February 1983, when the country was struggling to
recover from a long and painful recession. The year-ago tally was 2.59 million people...

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