Unemployment Federal Unemployment 99ers at risk; Unemployment extensions at risk; Obama and Congress work on Unemployment benefit insurance plan 2012

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dow2664 The primary index composites tracked positively during the last trading session as a result of the better than expected economic data that posted. DJIA, Nasdaq, S&P 500 Last Session Close Review: The DJI finished the last session in the green by .96 percent and closed the last session at 12,904.08. The Nasdaq index finished the last session higher by 1.51 percent to close out at 2,959.85. The S&P 500 finished the last session higher by 1.10 percent to close at 1,358.04. Labor Department and Unemployment data: According to the U.S. Labor Department, initial unemployment claims for the week ended February 11 fell by approximately 13,000 to a mark of 348,000. According to data analysis via the Labor Department, the number of claims for last week was the lowest in approximately four years. The number was not only an approximate four year low, but it was obviously much better than what many economists were anticipating. Also better was the total number of Americans filing for their second week of unemployment benefits. This figure dropped lower by about 100,000. Fewer Americans are applying for unemployment benefits and more Americans are back to work. The data reinforces the idea that the U.S. economy is moving in the right direction as the job market improves. Overall, the national unemployment rate is at 8.3 percent. Investors will look for another drop in this rate for February. Noteworthy is the fact that Congress looked to restructure the maximum number of weeks that a jobless American can collect unemployment benefits . The number of weeks would be reduced to 73 weeks. Cuts were rumored to be initiated if approved as early as June 2012 and full cuts would go into effect in September of 2012. Unemployment insurance for thousands of Americans is at stake. Currently, jobless Americans have been able to collect unemployment insurance for a time no greater than 99 weeks. Lawmakers reached a deal today that ensure up to 99 weeks of benefits for the unemployed in states hit hardest by the recession. Genny Germano