New applications for unemployment insurance unexpectedly rose 13,000 to 472,000 in the week ending June 28. Analysts polled by Reuters had estimated the number to be 452,000.

The four-week average, which smooths out the numbers, rose 3,250 to 466,500. This is the highest since early March.

In the process that saw the Senate Republicans block, via filibuster, an extension of unemployment benefits this week, the Senate also rejected an effort to extend the Build America Bond program. Without an extension, the program will expire on December 31.

Talk about irrationality in spades.

President Obama introduced the Build America Bond program as a way to make more capital sources available to state/local governments, after capital became constrained as a result of the financial crisis. The program provides a 35% subsidy from the U.S. Treasury to state/local governments for interest costs, Bloomberg News reported Friday, effectively increasing the pool of private capital that would consider such investments.

Some 1.2 million people will run out of jobless benefits in June. Congress has gone on vacation without dealing with an extension of benefits.

Nearly 10 million people are collecting unemployment benefits. A record 46% of the 15.3 million jobless Americans have been out of work six months or longer.

The House of Representatives is working on a comprehensive jobs bill but cannot muster the votes needed for passage.

After haggling since September the US Senate finally passed an extension for unemployed persons and extended the credit for first time home buyers.

The situation for unemployed persons is dire. Here are just a few facts about their current situation:

• We have 15 million unemployed vying for just three million available jobs.
• 200,000 persons lost their benefits since September
• 7000 persons a day are losing their benefits.
• More than 1/3 of the unemployed have been out or work for at least six months.

First-time claims for jobless benefits fell last week, hitting the lowest level we've seen since January. The U.S. Department of Labor pegged the number at 521,000. This is down from the previous week's 554,000 (which had been revised upward). Wall Street economists anticipated 540,000. Claims of this type have fallen four times in five weeks, and the four-week average reached 539,750 – its lowest level since January 17, 2009.

In general, first-time claims for unemployment benefits have been declining since the spring, though slowly. Unfortunately, they still remain well above the 325,000 that economists claim to be indicative of a healthy economy.

It appears that the House may be ready to extend unemployment benefits for another 13 weeks.

On Wednesday, September 23, Congress will consider legislation to add 13 weeks to unemployment benefits in what are termed "high-unemployment states." In order to be considered a high-unemployment state, the unemployment rate must be greater than 8.5%. With unemployment at record highs nationwide, this status includes 26 states and the District of Columbia. What about the other 24 states? The unemployed workers there could qualify if their state is expected to hit 8.5% unemployed or it meets other criteria.