Unwinding Hurricane Impact Generated Some Nonsense October Labor Reporting; Payroll Survey Appears to Have Settled Back into Its Regular Patterns of Upside Biases, but Household Survey (Unemployment) May Not Stabilize Before December Revisions

Payroll Jobs Jumped 261,000, Household Survey Employment Plunged 484,000 (-484,000)

Headline U.3 Unemployment Fell to 17-Year Low of 4.1%, in the Context of Deteriorating Health in Key Employment Indicators

Plunging Counts of Both Unemployed and Employed Generated an
Extreme and Unusual Decline of 765,000 (-765,000) in the Labor Force

Meaningless Declines in Headline October 2017 Unemployment Rates: U.3 Fell to 4.07% versus 4.22%, U.6 Fell to 7.91% versus 8.29%, and the ShadowStats-Alternate Fell to 21.6% versus 21.9%

Plunging Participation Rate and Employment-to-Population Ratio Traditionally Would Concern Fed Chair Janet Yellen