JPM economist Daniel Silver said......>

US DATA REACT: JPM economist Daniel Silver said that the "ADP report showed that

private payrolls increased 135,000 in September, matching consensus expectations

for today's data. The ADP report is not always a reliable predictor of the BLS

data each month, and it is likely that recent bad weather impacted the ADP and

BLS data in different ways (for example, the weather affected the jobless claims

data, which are included in the ADP model, but do not directly impact the BLS

data)."

- But he adds the "message from the ADP report looks broadly consistent with our

view on the BLS data that will be released on Friday. The ADP report's press

release noted that "Hurricanes Harvey and Irma hurt the job market in September.

Looking through the storms, the job market remains sturdy and strong." Our

forecast for the BLS data anticipates payroll growth of 100,000 (95,000 in the

private sector), but we think that job growth would have been around 175,000

without the recent severe weather."