Unemployed ranks hit record high of 4.99M

The number of people collecting unemployment benefits rose to an all-time high of 4.99 million this month, according to a Department of Labor report released this morning. The report, for the one-week period ended Feb. 14, showed that 627,000 people had filed first-time applications for unemployment, which was unchanged from the previous week. This was higher than industry projections. The unemployment rate among people eligible for benefits rose to 3.7% for the one-week period ended Feb. 7, up from 3.6% a week earlier. These numbers come as scores of employers continue to announce thousands of layoffs. Extended unemployment benefits were available in Alaska, Michigan, North Carolina, Oregon, Puerto Rico and Rhode Island for the one-week period ended Jan. 31, according to the report.