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I'll give them a once-over if they're included, but I don't penalize anyone who doesn't include one. Most of my colleagues completely ignore them.
Its definitely becoming more and more outdated, esp. when a lot of job apps just request a resume to run through the filter
No I don't think so. Unless a place specifically asks for one, I no longer include one. I really don't think that recruiters even look at them anymore.
Cover letters are only relevant and necessary if you are attempting to transition into a different industry or career that you have never held before. Use the cover letter to explain how your practical experience is transferrable and related to the basic criteria of the position you are looking for. A cover letter is typically unnecessary for a Recruiter or Hiring Manager.