BMO's Ian Lyngen noted the "NFP.......>

US DATA REACT: BMO's Ian Lyngen noted the "NFP came in at -33k during Sept vs.

80k consensus as the BLS noted that -105k drop in food services reflects the

storms; surely there are more. There were upward revisions in Aug to +169k from

+156k prior although the 2-mo revision were -38k."

- He adds Treasuries had sold off "as the market looks past the weak headlines

and focuses on AHE as the YoY rate came in at +2.9% Sept vs. +2.7% Aug (revised

up from +2.5% prior). The MoM pace was +0.5% Sept vs. +0.3% in Aug. That said,

the BLS noted 'he change in earnings reflects both ongoing labor market trends

and possible effects of the hurricanes.'"

- Lyngen said the Sept. Unemployment Rate "improved to 4.2%, far better than

consensus and prior. Lowest UNR since 2001 with the BLS reporting no discernible

impact from the storm (really?) While the BLS has stressed that "it is not

possible to quantify precisely the net effect on employment in each industry,"

it is clear that the market is willing to look beyond the one-off impact of the

storms."