Goldman Sachs: Non-farm payroll data suggest the Federal Reserve will continue its easing cycle next week

On November 1st, strikes and hurricanes affected this month's non-farm payrolls data, with job growth unexpectedly falling and the unemployment rate unchanged. While the Federal Reserve may attribute today's weak data in part to one-off factors, the weakness in today's data suggests that the Fed will continue its easing cycle at next week's meeting. The data is worrying, and the likelihood of a 25 basis point rate cut in November has increased.