US jobless claims stood at 205,000 for last week, unchanged from previous period

Washington: US jobless claims came in at 205,000 for last week, unchanged from the previous week's revised level, as the employment market continued to consolidate after a stretch of dynamic recovery from the effects of the coronavirus pandemic, Labor Department data showed on Thursday.

"In the week ending December 18, the advance figure for seasonally adjusted initial claims was 205,000, unchanged from the previous week's revised level," the department said. Weekly filings for jobless benefits hit their lowest level since 1969 during the week ending November 20, when they totaled 199,000.

Nearly two years into the COVID-19 crisis, restoring job growth remains one of the main concerns of US policymakers, although the monthly jobless rate in November stood at just 4.2% versus the Federal Reserve's 4% target for "maximum employment." At the height of the labour market collapse during the pandemic, the jobless rate rose to almost 15%.

The US economy itself shrank 3.5% in 2020 from lockdowns and other slowdown in activity associated. Growth this year has been spotty, with an annualized 3.5% expansion in the first quarter, 3.6% in the second and 2.3% in the third. The Fed has projected a 5.5% growth for next year and 4% for 2023.