but as hampton pearson reports, others say the recent hurricanes are distorting that data. >> reporter: in october, the job market recovered from the hurricanes that slammed the southeast in september. but the addition of 261,000 jobs was less than the consensus forecast of 315,000 new hires. those estimates were revised upward this week based on new data forecasting strong private sector job growth, a manufacturing surge, and growing consumer confidence. one leading economist says that noise makes this month's report meaningless. >> i mean, there's too much hurricane effect in this. the nonpharm payroll number was a complete guess. average hourly earnings had some hurricane effect in it. >> reporter: the unemployment rate fell to 4.1 persian, t then 17 years. t it fell because 765,000 people dropped out of the labor force and were not counted as unemployed. wage growth was flat, just 2.4% year over year. >> the lack of worker growth too. i mean, the real problem we've got is the labor force is only 5/10ths of aercent each year. i don't see how you get to 3% real gdp growth unless you

back to you. >> hampton pearson, thanks very much a lot of speculation about whether he would run fornor of ohio something he refused to talk about the last time he was on our show. >> one of the ohio supreme court justices said when he got into the race that he would back out of the race if cordray were to get in, so we're still awaiting any potential announcement there. for the last six weeks, people in the financial industry have been seeing stacks of cfpb resumes, largely expected, and a couple weeks throwing was a bill-signing in the oval office for the rollback of the cfpb's very controversial arbitration rule where it evolved no a venting session about cordray with the president asking the advice of several of the banking loibs, what do i do? i don't want him to be there, but i don't want to fire him and make him a martyr for the left as he's about to run for governor of a swing state. a very big dilemma for president, and it seems like he decided not to fire him and decided to let him resign of his own volition and see what he decides to do from here. >> between this move and

back to you. >> thank you, hampton pearson. bring in senior economics reporter steve liesman your take? >> i think it's interesting that the beige book this month and last month has not picked up the stronger growth we have. we have a full percentage point extra out there, if you figure and still believe that the great colleague over here larry kudlow may not believe, but it's general consensus that the underlying growth rates's 1.9 and 1.8. we did a 3.3 upgraded and the cnbc rapid update is at 2.7 and we did a 3 in the second quarter and that's better than modest to moderate i don't know why they are not picking that up. >> usually they're pretty good at that and sometimes on the forefront and it's also a good place for the beige book to get an understanding of the mysteries out there because you get it from a real business level so the price pressures are something worth noting that hampton highlighted in the beige book, the idea that they're growing price pressures out there and wages are still moderate and it's not too much

. >>> we now have breaking news out of the commerce department hampton pearson has this story for us >> hi, kelly, rounding out the news trifecta, if you will, more pressure on trade from the trump administration on china. moments ago the commerce announcing basically that it is initiating, self-initiating what it's calling an historic anti-dumping countervailing investigations of common alloy aluminum sheet from china. the first self-initiating type investigation of its type since 1991 we're talking about specifically here aluminum alloy imports valued in h tthe range of $604 million and we also want to make clear this is separate and aart from really, if you will, the big pending 232 investigation into aluminum that is ongoing. but, again,par from really, if you will, the big pending 232 investigation into aluminum that is ongoing. but, again, the trump administration keeping up the pressure on china, on trade. partial statement from commerce secretary wilbur ross about this specific action says in part, president trump made it clear from day one that unfair trade practices will no

>>> but first, hampton pearson has the cnbc market wrap. >> hello katy.d a tech stock rally leading the dow, s&p and nasdaq to record highs on wall street. the dow jumping 160 points. the s&p gain ed 16. the nasdaq added 72 points. apple jumped 1.9%. shares of hewlett-packard enterprise fell in after-hours trading following news its chief executive meg whitman will step down as chromatonext year and be replaced by president antone thoughio nayeri. cnbc, first in business worldwide. ok, you just found ou you're being audited. now what? well, after your first reaction, consider your choices. go it alone, against the irs and its massive resources. hire a law firm, where you're not a priority. call your cpa, who can be required to testify against you. or, call the tax law firm of moskowitz, llp. i went from being a cpa to a tax attorney because our clients needed more. call us, and let us put our 30 years of tax experience to work for you. >>> welcome back to mtp daily. that did not take long. cbs news fired celebrated journalist and television host charlie r

estate are laggards among the big movers in the session after cigna seeing a comeback let's get to hampton pearsonnutes. >> low inflation concerns continue to dominate fed monetary policymakers decision making on when to raise key short-term interest rates. a minute of the two-day meeting that ended on november 1st found many participants that low inflation even as the labor market tightened and also the influence of development that could prove persistent, with concerns that it may rely on 2%. on the flip side, other participants caution, waiting too long to remove accommodation or moving too slowly could result in a substantial overshoot with a level of employment participants agree they continue to monitor the economic data several participants saying their decision when to raise rates would depend on boosting their confidence that inflation was headed toward the committee's objective. nearly all participants have a gradual approach and participants judging financial conditions as accommodative despite recent increases in exchange value of the dollar and treasury yields, was there a concern tha

drum roll please, that the ten-year right now is yielding 2.347% let's get the actual numbers hampton pearson labor department. >> up 261,000. october nonfarm payrolls increase by 261,000 jobs the unemployment rate is 4.1%. average hourly earnings were flat, basically down a penny again, plus 261 is the headline number october private sector job growth, plus 252,000 there were, of course, significant upward provisions for both august and september. august an additional 39,000 jobs higher than what had been previously reported. september, we went from a negative 33,000 to a plus 18,000, so plus 51,000, and an increase of 90,000 jobs over the last two months from what had been previously been reported. >> the labor force participation rate job gains in the month of october, food services, drinking places up 8 the,000. professional business services, plus 50,000. manufacturing adding 24,000. the u6, the so-called real unemployment rate, 7.9%. lowest since december of 2006. after the revisions, job growth for the last three months is averaging about 162,000 jobs per month. job losses, by the way,