Workers unemployed 27 weeks or more decreased to 4.79 million or 40.1 percent of all unemployed workers in November.
Jobless claims fell to 370,000 from a revised 395,000 jobless claims for the prior week.
Tverberg explores the connection between changes in the oil market and growing concern of the 'fiscal cliff.'
President Obama's fiscal cliff plan calls for, among other things, $1.6 trillion in tax increases over 10 years. But what really appears to annoy Republicans is the lack of specificity on spending cuts.
Jobless claims declined by 23,000 to 393,000 from a revised 416,000 jobless claims for the prior week.