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2025-10-31 23:23:21
[Citigroup: US Unemployment Rate Likely to Rise in October Due to Increased Temporary Job Losses from Government Shutdown] Citigroup economists have written that the unemployment rate may rise in October due to increased temporary job losses caused by the government shutdown. Wall Street urgently needs labor market data to assess the likelihood of another Federal Reserve rate cut in December. Due to the government shutdown, official statistics may not be available next week. Based on available data from various states, Citigroup estimates that the number of continuing jobless claims is increasing, indicating that hiring remains sluggish. Economists stated, "We will be closely watching whether the number of continuing jobless claims in November and December stabilizes." They also noted that if it continues to rise, "it suggests that employment data may not stabilize in the fourth/first quarter as it did last year."
