Mixed report, with Sept payrolls only lower.>

US DATA: Mixed report, with Sept payrolls only +134k, lower than the 

+188k expected (whisper +202k), but July-Aug net revision +87k, the 

unemp rate fell 0.2pp to 3.7% (3.683%) and hourly earnings +0.3% as 

expected.

- Response rates for both surveys were within normal ranges, but BLS 

states that it is not possible to quantify net effect of Hurricane 

Florence on employment. 

- Labor force participation rate unch at 62.7% in Sept. The labor 

force +150k, with household employed +420k and unemployed -270k. The U-6 

unemp rate +0.1pp to 7.5%.

- Hourly earnings +0.3% (+0.295%) m/m after Aug was revised +0.3% 

(+0.332%). Hourly earnings now +2.8% y/y rounded vs +2.9% in prev 

month on base effects from 0.5% gain in Sept 2017 that should be 

reversed next month.