JPM economist Daniel Silver noted.....>

US DATA REACT: JPM economist Daniel Silver noted that US "state-level payroll

data" out today "give us more insight into how the recent severe weather

affected the September payroll report. The Florida data look clearly affected by

Hurricane Irma, which made landfall in the state during the reference period for

the employment report."

- Silver cited "also noticeable, but less dramatic, weakening in the data for

some other areas affected by recent storms, including Texas. Payrolls declined

127,000 in Florida in September, a result significantly weaker than the prior

trend (+17,000 per month over the prior six months). It is likely that payrolls

in the state will rebound in October, although it is not clear if all of the job

losses will be made up by the time of the October reference period."