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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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Jefferies economist Ward McCarthy...>

US DATA PREVIEW: Jefferies economist Ward McCarthy noted September employment
data Friday "is going to be tough to parse, given the distortions from the
- He adds Sept. employment at 8:30am ET Friday, Oct. 6 will be "distorted by the
hurricanes, but the distortions will be temporary and not have a lasting effect
on a labor market that remains solid. Given the nature of the data collection
for the establishment (payrolls) and household (unemployment rate) surveys, it
is quite possible that the 2 surveys will be affected in different ways by the
hurricane distortions in the months ahead." 
- Jefferies expects Sept. NFP jobs will "decline 45K, with private sector
payrolls down 25K," and "0.3% month/month increase in average hourly earnings
combined with a 2.5% YoY rise in AHE" and "a 4.5% unemployment rate," he said.

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