Citi: December nonfarm payrolls are expected to increase by 75,000, with the unemployment rate rising to 4.7%

BlockBeats News, December 31, Citi economists stated that the decline in unemployment claims before and after the holidays should be viewed with caution. During the week of Christmas, the number of people applying for unemployment benefits dropped from 215,000 to 199,000, while forecasters had expected 220,000. Citi noted: "Seasonal adjustment issues during this year's holiday week seem to be more severe than usual, and a more reliable signal from initial unemployment claims data may not appear until later in January." However, the data shows that layoffs remain at a low level. Citi expects non-farm payrolls to increase by 75,000 in December, with this data to be released next week. Citi also stated: "But we still expect the unemployment rate to rise to 4.7%, partly because the labor force participation rate is rising again." (Golden Ten Data)