Bush signs law extending unemployment insurance

WASHINGTON (Reuters) - President George W. Bush on Friday signed into law an extension of unemployment benefits, the White House said.

It gives seven more weeks of unemployment payments to workers who have exhausted their current jobless benefits. For those in states with the highest unemployment rates, an additional 20 weeks will be allowed.

On Thursday, the government reported the number of workers filing new claims for jobless benefits last week was at its highest level in 16 years and more than 4 million people were now receiving unemployment benefits.

(Reporting by Tabassum Zakaria, Editing by Chizu Nomiyama)