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The overall unemployment rate across the United States recently dropped from 9.8% to 9.4%. This was positive news in light of the number of Americans filing for first time unemployment benefits insurance. Recently, Federal Reserve Chairman, Ben Bernanke, stated that the overall national unemployment average is likely to stay elevated for up to five years. Bernanke also said that the unemployment rate is likely to stay near 8 percent for the next couple of years. Several days ago, the Labor Department reported that first time applications for unemployment benefits rose 35,000 from the previous week. This was unexpected and disappointing news. The Labor Department also posted that wholesale prices were on the rise and a connection was made that the higher energy and food costs are helping to push wholesale prices higher. The Commerce Department posted the Consumer Price Index, which is a measure of wholesale inflation, and relayed that it rose 1.1% in December. This is all bad news for those Americans that are out of work and trying to once again secure a stable job and income. All of this data reveals the continued need for federal insurance benefits and validates the recent extension titled, "Tax Reform, Unemployment Insurance Reauthorization, and Jobs Creation Act of 2010.” Currently, there are more Americans filing applications for first time unemployment benefits and at the same time, the cost of energy and food in America is moving higher. Americans are in need and the benefit extension is helping. Author: Stephen Johnson
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