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U S Unemployment Claims Jumped to Nearly One Million Last Week — 2nd Update

Provided by Dow Jones By Gwynn Guilford and Hannah Lang The number of workers filing for jobless benefits hit its highest level in nearly five months, reflecting rising layoffs amid a winter surge in coronavirus cases. Applications for unemployment claims, a proxy for layoffs, rose by 181,000 to 965,000 last week, the Labor Department said Thursday. That marked the biggest weekly increase since March 2020 and put initial jobless claims at their highest level since mid-August. It also put weekly claims well above the roughly 800,000 a week they have averaged in recent months. The increase is another sign that the economic recovery is sputtering, as Covid-19 infections hit record levels nationwide.

A Fed digital currency looks inevitable So do the problems

A Federal Reserve-issued digital dollar could speed up payments, expand financial access and reduce financial crime. But it also brings trade-offs that policymakers are only just beginning to consider.

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