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Citigroup: Expected Increase of 75,000 Non-Farm Jobs in December, Unemployment Rate to Rise to 4.7%
Summary: According to sources, Citigroup economists caution against assuming a decline in initial jobless claims around the holidays. Initial jobless claims dropped from 215,000 to 199,000 during Christmas week, lower than the forecast of 220,000. Citigroup notes that seasonal adjustment issues during the holiday weeks seem more severe this year, with more reliable initial jobless claims ...
According to sources, Citigroup economists caution against assuming a decline in initial jobless claims around the holidays. Initial jobless claims dropped from 215,000 to 199,000 during Christmas week, lower than the forecast of 220,000. Citigroup notes that seasonal adjustment issues during the holiday weeks seem more severe this year, with more reliable initial jobless claims data expected later in January. However, data shows layoffs remain low, with Citigroup expecting an increase of 75,000 non-farm jobs in December, to be announced next week. Citigroup also anticipates the unemployment rate to rise to 4.7%, partly due to a rise in labor force participation.
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Link: Citigroup: Expected Increase of 75,000 Non-Farm Jobs in December, Unemployment Rate to Rise to 4.7% [Copy]
