According to ADP, 135K private sector jobs were added in September, a far cry from the 228K additions in August.
Hurricane Harvey, Irma and Maria play a pivotal role in the lackluster numbers for September. However, this disruption is largely predicted to be short lived with an expected rebound in October and November. The seemingly artificial low in September, shadowed by a potential resurgence in the coming months could wreak havoc of the Fed’s assessments of the economy as they weigh the option of raising its benchmark interest rate one last time in 2017.
Expectations for Friday’s report from the Labor Department show nonfarm payrolls to increase by 90K compared to August where 156K new jobs were added.
With weekly unemployment claims still hovering below the 300K benchmark for nearly a year, which is the longest stretch since 1970, economists still consider the market to be fairly robust. Despite the lull in September, the unemployment rate is expected to remain at 4.4 percent.
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