Business briefs
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POSTED: Saturday, January 02, 2010
Jobless ranks hit record in '09
WASHINGTON » A record 20 million-plus people collected unemployment benefits at some point in 2009, a year that ended with the jobless rate at 10 percent.
As the pace of layoffs slows, the number of new applicants visiting unemployment offices has been declining. But limited hiring means the ranks of the long-term unemployed continue to grow, with more than 5.8 million people out of work for more than six months.
Hiring is unlikely to be strong enough to quickly bring down the unemployment rate. December's rate will be announced Friday.
The Federal Reserve and private economists expect joblessness to stay above 9 percent through the end of 2010.