US Jobs Report: Expect a sharp recovery in October - BBH

The 33k jobs the US lost in September was not a statement about the economy as the impact of the storms and October's recovery is expected to be sharp, according to analysts at BBH. 

Key Quotes

“The median forecast in the Bloomberg survey is for a 310k increase in non-farm payrolls.  We suspect the risk is on the upside.  Before September, the non-farm payrolls averaged 171k a month this year, and that was the pace over the three months through August.  We would not be surprised to see print more than 350k.”

“Market Impact:  Participants understand the skewed nature of the jobs report.  The market is likely to continue to focus on average hourly earnings data.”