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Unemployment


Unemployment

Unemployment is the state of being able and willing to work, but not finding a job. Unemployment statistics are followed closely by economists to gauge the health of the economy.

About Unemployment

Unemployment is the condition of being willing to work, and actively looking, but unable to find a job. Unemployment benefits are obtainable through state Unemployment Offices. The national unemployment rate for August 2011 was 9.1%.
The Unemployment Insurance Program (IU) temporarily helps to pay employees health benefits when they lose their jobs through no fault of their own. This was established in 1935 as a way to keep people looking for work. Unemployment rates vary by state. Unemployment rates for some states are much higher and some are lower.

An extension in unemployment benefits for 2010 was passed by Congress on July 22, 2010. This unemployment extension offered Emergency Unemployment Compensation (EUC) for people who had exhausted their regular benefits by November 21, 2010.

On December 17, 2010 the lame-duck session of Congress passed a compromise bill that extended jobless benefits, lowered payroll taxes, provided other tax breaks for small businesses, and extended the Bush-era tax cuts for the wealthy. These measures, according to President Obama, were compromises intended to avoid dampening the economic recovery.

The Emergency Unemployment Compensation Expansion Act of 2011 was passed and will provide 14 additional weeks of benefits retroactively to all unemployed workers who have used up their benefits. You should contact your state’s unemployment office to check the status of your benefits and see if you qualify.

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