Bank of America forecasts a 100k increase in October nonfarm payrolls, affected by Hurricane Milton and the Boeing strike, with average hourly earnings growth rising to 0.5% m/m. Despite potential data distortions, BofA expects the Fed to proceed with a 25bps cut at next week’s FOMC meeting.Key Points:Nonfarm payrolls projected to increase by 100k, down from 254k in September; hurricane and strike effects likely reduced job gains and hours worked.Average hourly earnings growth is expected to rise to 0.5% m/m, partly due to fewer hours worked from weather-related disruptions.Unemployment rate forecasted to tick up to 4.2%, partly reflecting hurricane impacts.BofA maintains a base case of a 25
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