As a hiring manager I always read cover letters. However, I didn't see the resumes until after HR had culled them down to 8-10 good candidates. So I understand why recruiters rarely read cover letters. They don't have the time. But hiring managers generally do, a fact confirmed by several recent job search surveys.
The cover letter will do two important things for you.
First, it will help you deal with any issues on your resume, such as gaps, special circumstances, extra skill sets, who referred you to the company, etc...
Secondly, it is the only place you can show your communication skills in the early stages of your application. By design, resumes can not do that. Resumes are fact sheets where you show the results that you accomplished and the impact you had on your previous positions.
Of course, once they're interested, they'll go look at your LinkedIn Profile, and that is another place where your communication skills can shine.
Do you always need to send a cover letter?
No. In a sense, it's like the life preserver under your seat on the airplane. You usually don't need it, but when you do need it, you really do need it.
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