Expect the unexpected in Friday’s jobs report

The barrage of economic data released so far this week has painted a pretty clear picture: Growth is rock solid, and inflation is all but tamed.

The barrage of economic data released so far this week has painted a pretty clear picture: Growth is rock solid, and inflation is all but tamed. In any other month, the finishing touch would be a clean reading on the labor market from the official jobs report. However, it’s entirely possible that Friday’s employment data, set to be released at 8:30 am ET, could be downright abstract. The impacts and ripple effects of two major hurricanes and several labor strikes (including a massive one at Boeing) are expected to weigh heavily on the October employment numbers. Economists’ crystal balls are cloudy, and estimates for the headline number vary widely, with some saying the economy could even have lost jobs last month. However, a common thread among economists is that the strikes and hurricanes could take a 100,000-job bite out of the October jobs report. As of Thursday morning, FactSet consensus estimates were for a net gain of 117,500 jobs in October. That would mark a sharp drop-off from the surprisingly strong preliminary estimate of 254,000 jobs added in September.