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After 5 Weeks, 3 GOP Filibusters and 200,000 Americans Running Out of Bennies, Obama to Sign Unemployment Extension
Posted by Steve Benen, Washington Monthly on November 6, 2009 at 12:07 PM.

The good news is, President Obama will sign a measure today to extend unemployment benefits for at least 14 weeks for people out of work. It's money well spent -- it helps struggling people, and the investment tends to be stimulative -- and with new, discouraging job numbers, the timing is right.

"Given the employment situation and the general bang for the buck you get from unemployment insurance, that's probably the most sensible of the stimulative policies to extend," Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said.

The bad news is, it took far too long to get the common-sense bill through Congress. The measure stalled in the Senate for weeks, and while GOP lawmakers dithered, about 200,000 people who are looking for work lost their benefits.

We talked a couple of weeks ago about why Republicans were forcing delays, and Kevin Drum summarized what transpired on the Senate floor yesterday.

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Unemployment Hits 10.2 Percent, Economy Sheds 190,000 Jobs
Posted by Dean Baker, Center for Economic and Policy Research on November 6, 2009 at 9:17 AM.

The unemployment rate crossed 10.0 percent for the first time since early 1983, hitting 10.2 percent in October. The establishment survey showed the economy losing another 190,000 jobs, with most of the job loss in construction and manufacturing.

The October unemployment rate is still below the 10.8 percent peak reached in December of 1982, but the workforce is considerably older now and in age cohorts where workers are less likely to be unemployed. If the workforce had the same age distribution as in 1982 but current unemployment rates for each age cohort, then the unemployment rate would be more than a percentage point higher. The 10.7 percent unemployment rate for men is 0.6 percentage points higher than the 10.1 percent peak in 1982. This is consistent with the massive job loss in construction and manufacturing.

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