According to @KobeissiLetter, the Chicago Fed estimates the U.S. unemployment rate increased to 4.36% in October, the highest since October 2021, with the rise tied to slower hiring, higher layoffs, quits, retirements, and the government shutdown, source: @KobeissiLetter citing Chicago Fed. The unemployment rate has risen by a full percentage point since May 2023, source: @KobeissiLetter. US-based employers announced 1,099,500 layoffs year-to-date, nearly matching the pace seen in 2009, according to Challenger, Gray & Christmas, source: @KobeissiLetter citing Challenger, Gray & Christmas. Given the Federal Reserve’s dual mandate that includes maximum employment, labor conditions are a key policy input that markets track for rates, the USD, and crypto exposure such as BTC and ETH, source: Board of Governors of the Federal Reserve System.