New applications for unemployment benefits surged last week by 137,000, according to government data released Thursday, underscoring the need for more economic stimulus as COVID cases hit new peaks.
Kevin O'Leary called on Congress to approve another round of $1,200 stimulus checks for Americans or extend the $300 weekly unemployment benefits for an additional 14 months.
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The leisure and hospitality sector was hiring last month, though renewed lockdowns could reverse that trend.
The Australian Bureau of Statistics said household spending largely drove the economic bounce, rising 7.9% compared with the previous quarter.
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An estimated 16 million Americans could head into 2021 without any financial aid as federal benefits from the CARES Act are set to expire on Dec. 26.
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Jobless claims fell for the 11th straight week, but the situation is still below pre-pandemic levels.
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