at Calculated Risk on 10/28/2024 04:04:00 PM
The October employment report will be released on Friday. The consensus is for 120,000 jobs added, and for the unemployment rate to be unchanged at 4.1%.
From Goldman Sachs:
We expect payroll growth of 95k in October (vs. 186k 3-month average) because Big Data measures point to slower job growth, we estimate the hurricanes will subtract 40-50k this month, and the Bureau of Labor Statistics reported that strikes will exert a 41k drag. These drags should have less impact on ADP employment, which we expect to rise 115k in October.
We forecast an unchanged 4.1% unemployment rate.
From BofA:
We forecast nonfarm payrolls to rise by 100k in October. Although this is below consensus, we’d still view it as a solid print, since we estimate that Hurricane Milton and the Boeing strike lowered payrolls by about 50k. … Meanwhile, the unemployment rate should move back up to 4.2%, partly due in part to hurricane distortions.