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Mixed report, with Sept payrolls only lower.>

US DATA
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.

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