SMRA's Ray Stone said the September...>

US DATA REACT: SMRA's Ray Stone said the September ADP National Employment

Report "revealed a gain in private sector payrolls of +135,000 following a

revised increase of +228,000 for August (previously +237,000)."

- "This is on the stronger side of our best guess for the official BLS data," he

said. "We are sticking with our headline September payroll estimate of +90,000,

and our September private sector payroll estimate of +80,000. That said, we are

not dismissive of the ADP estimate, it is certainly well within the confidence

interval of possible outcomes."

- He adds that "Hurricanes Harvey and Irma will play havoc on the September

payroll numbers" making it "nearly impossible to gauge the extent of the

hurricane impact on the September data. The BLS will provide a factsheet

accompanying the Employment Situation release, and this will provide some rough

estimate of the impact of the hurricanes."