The U.S. saw 787,000 new applications for unemployment benefits in the final week of 2020, indicating layoffs remain widespread months into the coronavirus pandemic.
Unemployment benefits filings dropped last week, but experts say that is more likely a statistical fluke related to the holidays.
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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.
Almost 4 million Americans have been unemployed for 27 weeks or longer, indicating just how difficult it’s been for those who lost their job in the spring to find work again.
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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The vast majority of those lost jobs are service-providing jobs, with the leisure and hospitality sector alone accounting for 3.5 million of the total 9.1 million lost service sector jobs.
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