What to expect from the November jobs report: A massive bounce back from October’s dismal total

In October, the initial estimate for the month’s employment gains was a scant 12,000 jobs.

In October, the initial estimate for the month’s employment gains was a scant 12,000 jobs. Economists are expecting 17 times that total for November. When the Bureau of Labor Statistics releases the November jobs report at 8:30 am ET on Friday, it is wholly anticipated that the data will reflect a sharp rebound — a reset, if you will — from an October report that was bogged down and muddied by back-to-back hurricanes and a major labor strike. When plugging those striking and weather-waylaid workers back in, November’s report is expected to show a net gain of 207,500 jobs, according to consensus estimates on FactSet. The unemployment rate — which has served as an unofficial polestar amid the wild distortions — is expected to remain at 4.1%, where it has been since September. “We had a report last month [for] which I told my readers, ‘Just throw it away.’ The Bureau of Labor Statistics basically said, ‘You know, we really can’t tell you anything about the effect of the hurricanes,’” Dan North, Allianz Trade’s senior economist for North America, told CNN. “So, what’s going to happen this coming month? Is there going to be a huge bounce back? Well, that would be rational.” Gus Faucher, senior vice president and chief economist at PNC Financial Services Group, is anticipating job growth of 250,000 positions in November. Such a sharp, upward swing would indicate underlying payroll growth of about 150,000 jobs per month, he said.