Employment Report (Oct.) & International Trade (Sep.)

The 250,000 gain in non-farm payrolls in October, following a more modest 118,000 gain in September, confirms that Hurricane Florence temporarily depressed employment in September. The BLS suggests that Hurricane Michael, which struck Florida during the October survey period, had no discernible effect. But it’s possible that we could be in for another 200,000 plus number in November, as the remainder of those disruptions is reversed.