+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

Here comes the jobs report ...

Nov 3, 2017, 17:35 IST

City Hall is seen in the distance as construction workers help carry a huge American flag in a march to the Metropolitan Detention Center during one a several May Day immigration-themed events on May 1, 2014 in Los Angeles, CaliforniaDavid McNew/Getty

The October jobs report is set for release at 8:30 a.m. ET, and economists expect it to be huge.

Advertisement

But that's because the number of nonfarm payrolls should rebound strongly after a steep decline in September that was caused largely by the hurricanes.

According to Bloomberg, the median forecast among economists is for a payrolls increase of 313,000 after an initially reported drop of 33,000 in September.

State-level data for September showed that Florida's jobs market was impacted the most by hurricanes, as payrolls declined 127,000. It's not certain that all those jobs were regained by the reference week for the October jobs report, which included the 12th day of the month.

The unemployment rate fell to 4.2%, its lowest since February 2001. The Bureau of Labor Statistics said the hurricanes had "no discernible effect" on this rate.

Advertisement

Wage growth jumped last month, but was skewed by the fact that many low-wage employees stayed away from work after the hurricanes. Average hourly earnings are expected to moderate to a 0.2% month-on-month growth pace from 0.5% in September, and 2.7% year-on-year.

More to come, refresh this page for updates.

NOW WATCH: $6 TRILLION INVESTMENT CHIEF: Bitcoin is a bubble

You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article