The October jobs report, due Friday, may take a hit in the aftermath of Hurricanes Florence and Michael, according to National Economic Council Director Larry Kudlow.
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“[The] Counsel of Economic Advisers has taken a look at the hurricanes and we may see a 60 thousand drop from the hurricanes-- may” Kudlow told FOX Business’ Stuart Varney on Thursday. “This is just a suggestion this is very inexact. [The U.S Bureau of Economic Analysis] or the Labor Department will adjust for this” he added.
While the impact could range anywhere from 30,000 to 90,000 jobs, Kudlow emphasized the market should just be prepared for some type of impact.
“We have to be careful here and recognize that probably, probably, you’re going to get some noise from the hurricanes.”
The monster storms wreaked havoc in parts of the Carolinas and Florida last month, creating billions in damages.
The government will offer a broader measure of the U.S. labor market on Friday when it releases its October payrolls report. The recovery in the jobs market has been strong with unemployment at 3.7 percent, the lowest since 1969.