W.H.’s Bernstein on 12K Jobs Number: Hurricanes and Strikes Are to Blame

QUINTANILLA From the market ░░░░░░░░ to the Washington reaction ░░░░░░░░ miss on payrolls coming ░░░░░░░░ than a week before ░░░░░░░░ election of course Joining ░░░░░░░░ this morning is the ░░░░░░░░ of Economic Advisors Chair ░░░░░░░░ Bernstein Jared happy Friday ░░░░░░░░ to have you BERNSTEIN ░░░░░░░░ to be with you ░░░░░░░░ The number itself is ░░░░░░░░ going to be a ░░░░░░░░ weapon on either side ░░░░░░░░ do you explain this ░░░░░░░░ BERNSTEIN Well the underlying ░░░░░░░░ S economy remains very ░░░░░░░░ We have a very ░░░░░░░░ data flow for this ░░░░░░░░ but we know that ░░░░░░░░ were two powerful forces ░░░░░░░░ to negative and temporary ░░░░░░░░ on payroll growth Those ░░░░░░░░ of course the hurricanes ░░░░░░░░ really hit the southeastern ░░░░░░░░ States wide swaths therein ░░░░░░░░ the strikes And if ░░░░░░░░ account for those factors ░░░░░░░░ underlying pace of payroll ░░░░░░░░ growth is still healthy ░░░░░░░░ in the 150 000 ░░░░░░░░ That s enough to ░░░░░░░░ the unemployment rate steady ░░░░░░░░ fact the unemployment rate ░░░░░░░░ doesn t suffer from ░░░░░░░░ same distortions as the ░░░░░░░░ count due to the ░░░░░░░░ the surveys are constructed ░░░░░░░░ at 4 1 solid ░░░░░░░░ growth Of course earlier ░░░░░░░░ the week strong GDP ░░░░░░░░ low inflation rising real ░░░░░░░░ and incomes So take ░░░░░░░░ the distortions the temporary ░░░░░░░░ from these two forces ░░░░░░░░ U S economy remains ░░░░░░░░ as ever.”