An Ugly Report Such an ugly report – at least on the surface! Only 12k jobs were created and all of those jobs were in the public sector (government). Private payrolls dropped 28k. What impact did hurricanes play? I admit, this is outside of my NFP skillset. Presumably, the hurricanes had an impact, but why didn’t the hurricanes affect ADP which came in at 233k with upward revisions to the prior month? Also, we had downward revisions of 112k, which isn’t good, but seems impossible to be hurricane related. Nothing good about the headline NFP data. Having said that, ... NFP Instant Reaction – An Ugly Report