Dec 30 (Reuters) – The U.S. unemployment rate was 4.6% in December, the Chicago Federal Reserve estimated on Tuesday, unchanged from the official rate reported for November that economists say was likely distorted by technical issues related to the government shutdown.
The Bureau of Labor Statistics will publish the official December unemployment rate on January 9. Economists expect the rate to drop back slightly to 4.5%.
The Fed earlier this month cut its policy rate in response to what the majority felt was a weakening labor market, and signaled it would likely pause further rate cuts in the new year as it awaited more data on the economy. It was a contested decision that drew three dissents. Minutes of the meeting are due out later Tuesday.
The Chicago Fed derives its jobless rate estimate from public and private data and issues it twice a month to give policymakers a more timely view on a key measure of the economy. The latest figure reflected little change in the pace at which workers are being hired or fired, leaving this month’s jobless rate estimate exactly at the Labor Department’s published value for last month.
(Reporting by Ann Saphir; Editing by Chizu Nomiyama )
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