The 33,000 decline in non-farm payrolls in September was worse than the consensus forecast at 90,000 or our own 100,000 estimate but, frankly, all of us were waving a finger in the air and guessing when it came to what impact Hurricanes Harvey and Irma would have on employment. If past storms, particularly Katrina, are any guide, employment will rebound markedly over the next few months.
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