US companies shed 33,000 workers in September, marking the first monthly decline in seven years, the Labor Department reports. The prevailing wisdom is that hurricanes temporarily derailed hiring. A review of macro data from other corners supports the case for dismissing today’s unusually weak employment data as a temporary setback due to weather.
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To say that the US stock market is on a roll is an understatement. The S&P 500 Index yesterday posted its sixth straight daily gain for the first time in over two decades, according to the Financial Times.
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Tropical storm Nate on track to hit central Gulf Coast: CNN
Hurricanes expected to weigh on today’s US payolls report: Reuters
US factory orders up a solid 1.2% in August: USA Today
Jobless claims in US fall as impact from hurricanes fades: Bloomberg
US job cuts down 26% in September vs. year-earlier level: CG&S
Consumer Comfort Index for US posts biggest decline in a year: Bloomberg
US boom in oil exports on track to continue: CNBC