jonathan: michael gapen, head of u.s. n two times going into this number, around 65 basis points. how can this account for what is going on with what is happening in the markets? michael: i think the markets are looking at this and saying "it does not look like w will get a lot of inflation in q1, and" i would agree with that it does not look like we will get a lot of inflation in q1, and i would agree with that. i do not think the data today changes that story at all. i think we will be year on year encore. that number needs the more like 2.4. we have got a lot of room for even inflation to firm before anyone gets worried about it. jonathan: the estimate is 1.7 coming year on year. on year, just a headline number, looking for 2%. that of the month on month, 0.1%. that is coming out in four minutes' time. michael gapen of barclays will be sticking with us, anne lester of j.p. morgan. oming up, the inflation story. we will get a free through the cpi number. get a read through of the cpi number. from new york, this is bloomb

joining us from new york is michael gapen from barclays. let's start with that jobs report number.dy is expecting a big increase, up 300,000 or so is that what you expect? >> it is we're looking at forecast of 325. and i think the point here is that we all believe the hurricanes took about 200,000 or so jobs off of september employment the u.s. economy has generally rebounded quite strongly in the month of september the activity data rebounded. so we think higher income is back mr. or less in line with what we've been seeing in the broader economy. if that's true, the underlying trend has been running around 175. you build in some pick up from what we saw last month and you get a number in the 300, 325 range. i think that's the math that everybody is doing we do expect a good number today on the employment side >> what about when you dig into the numbers a bit for the rebuilding from the hurricanes diana olick has been talking about how there's a shortage of the number of folks who can rebuild these houses that will possibly take some time is there concern about what's going on the