Oct 6 (Reuters) – U.S. employment fell in September for the first time in seven years as Hurricanes Harvey and Irma left displaced workers temporarily unemployed and delayed hiring, the latest indication that the storms undercut economic activity in the third quarter.
DAVID KOTOK, CHIEF INVESTMENT OFFICER OF CUMBERLAND ADVISORS, FLORIDA:
“You saw the dollar strengthen – that would suggest to me that in the forex markets there is a notion that the Fed will stay on course, raise rates in December by a quarter point and not be distracted by this month or next month’s report.
“Moving thousands of people to do rehabilitation work during hurricanes, plus what you do to these large state economies (Texas and Florida), means that reading this monthly data is guesswork and speculation. So we say: ‘Ok we don’t know and we won’t get help from the data.’ More (useful) would be information coming from state specific reports because there you can look at the states unaffected.”