Welcome back to The Breakdown with me, NLW.

It's a daily podcast on Macro, Bitcoin, and the Big Picture Power Shifts remaking our world.

What's going on, guys? It is Monday, November 4th, and today we are talking macro.

Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it,

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breakdown pod. All right, friends, well, the election is at our doorstep.

Bitcoin is unfortunately down again under 70,000, trading at the time of recording at around

68,400.

But today we are catching up on macro news, given that we got some really interesting data at

the end of last week.

October's jobs report showed the worst month for the labor market since late 2020. Just 12,000 new

payrolls were reported, a huge miss from the 100,000 consensus estimate. The Bureau of Labor

Statistics noted this survey was conducted during the aftermath of Hurricanes Milton and Helene,

and was also impacted by the Boeing strike. The BLS estimated that 44,000 striking workers were

absent from payroll data for the month. The effects of the hurricanes were a little more mixed. The BLS estimated that 44,000 striking workers were absent from payroll data for the month.

The effects of the hurricanes were a little more mixed. The BLS said that, quote,

initial establishment survey collection rate for October was well below average. However,

collection rates were similar in storm-affected areas and unaffected areas. They were open to the

idea that hurricanes had affected the numbers, but said it was not possible to quantify the net effect.

However, the BLS noted a shorter-than-average window for data collection may have been a factor in the low numbers.

These comments were related to the establishment survey, which draws data from companies to determine the number of payrolls in the economy.

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