NFP Preview: Strong rebound expected in October - Wells Fargo

Next Friday, the official US employment report will be released. Analysts from Wells Fargo, forecast an increased in NFP by 280.000,

Key Quotes: 

“Last month’s 33,000 decline in employment snapped a nearly seven-year string of uninterrupted job growth. The decline in employment was attributable to the recent hurricanes having disrupted hiring plans and preventing some jobholders from working during the survey period. Those distortions should be largely unwound in October, however. Initial jobless claims have fallen back below 240,000, the level that prevailed in the months leading into hurricane season.”

“We expect to see hiring rebound to 280,000 in October as employers catch up on hiring and workers return to their jobs. The unemployment rate, however, is anticipated to tick up to 4.3 percent following last month’s suspiciously large 906,000-jump in household employment.”