More than nine months after the Covid-19 virus started spreading widely, the economy remains stuck in the state that characterized it for much of 2020. While many big businesses are prospering, the service economy is constrained by restrictions and a wariness to spend in many parts of the country. Initial claims for unemployment benefits dropped modestly last week, the Labor Department reported Thursday, though they remained very high by historical standards at more than 800,000. While the unemployment rate for college graduates stood at 4.2 percent in November, the rate was 7.7 percent for workers with just a high school diploma. The jobless rate for all Americans was 6.7 percent.

Source: New York Times December 31, 2020 12:04 UTC