NBC: Final Jobs Report Before US Election Likely to See Hurricane Impact

Two hurricanes and a Boeing worker strike could influence the jobs report due out Nov. 1, but it won't change the overall trend of the US economy. But an expected drop in payroll figures as a result of two hurricanes and a nationwide strike could temporarily mask continued labor market growth that, especially in some swing states, has by some measures rarely been stronger, (NBC News) said in a report. The final pre-election edition of the closely watched monthly jobs report is set to be published Nov. 1, four days ahead of Election Day. All eyes are now on a handful of states expected to see razor-thin vote margins, likely to be determined by a small but crucial pool of persuadable voters, the report said, adding that many of those voters have indicated that economic concerns remain top-of-mind issues. How those voters casts their ballots may end up being influenced by a jobs report that could show weakness spurred by hurricanes Helene and Milton as well as a strike among Boeing workers that has affected tens of thousands nationwide. Boeing machinists voted against a new labor deal Wednesday, extending their strike. The exact impact on the jobs report is unclear. In a note to clients Tuesday, analysts with Goldman Sachs warned that, in general, the impact of hurricanes on jobs reports "has historically been wide ranging." While much of the impact from Milton, which made landfall Oct. 9, likely fell outside the Bureau of Labor Statistics survey window for the report, Goldman said, the impact from Helene could weigh on payroll growth by as much as 50,000 jobs. The separate weekly initial jobless claims report in hurricane-impacted states, such as North Carolina and Georgia, has already increased by 14,000 over the last two weeks, the analysts said. In this week's release, set to publish Thursday, initial unemployment claims could climb by an additional 10,000 as a result of the storms, according to the analysts. NBC News said in its report that in a separate note to clients last week, analysts with Nomura H oldings financial group said layoffs stemming from the Boeing strike may also complicate the jobs picture in upcoming data. The strike, which kicked off in September, has coincided with layoff notices sent to 17,000 workers in Boeing's commercial aviation division. The approximately 33,000 striking workers are seeking a 40% wage increase over four years, it added. Source: Qatar News Agency