Ian Shepherdson, Chief U.S. Economist at HFE, says employ data mean
"The U.S. economy is shrinking, and there will be many more awful
reports like this. Payrolls were weak everywhere except govt and
education; big change is in services, down a huge 2K, way below the
-15K prior trend. Note that the core unadjusted numbers even worse than
the headline; the seasonal was 80K better than Sep last year. Q4 should
see much more adverse seasonals which, together with the deteriorating
trend, implies payrolls similar or worse than Sep. Fed has more to do,
50bp ease Oct 29 or sooner."