52% of Unemployed No Longer Receive Benefits; Average Duration of Unemployment is 40 Weeks

Yahoo!Finance reports Most of the unemployed no longer receive benefits

Early last year, 75 percent were receiving checks. The figure is now 48 percent — a shift that points to a growing crisis of long-term unemployment. Nearly one-third of America’s 14 million unemployed have had no job for a year or more.

Congress is expected to decide by year’s end whether to continue providing emergency unemployment benefits for up to 99 weeks in the hardest-hit states. If the emergency benefits expire, the proportion of the unemployed receiving aid would fall further.

Congress has extended the program nine times. But it might balk at the $45 billion cost. It will be the first time the Republican-led House will vote on the issue.

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via Mish’s Global Economic Trend Analysis: 52% of Unemployed No Longer Receive Benefits; Average Duration of Unemployment is 40 Weeks.

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