Payroll employment is widely expected to rebound in October after cratering during the month of September. Hurricane Irma and the electricity outages that followed took a toll on jobs in the leisure and hospitality sector; those should come back since power was restored in Florida. The only wrinkle could be the fires in California, which sidelined some workers, most notably in wine country during the week the survey was taken. On net, we are expecting payroll employment to rebound by 250,000 for October, just 75,000 shy of the current consensus.
Average hourly earnings are expected to rise 0.1% in October after surging at a 0.5% pace in the month of September.