October Jobs in Focus, but November Could Be Key

Traders are watching to see if any surprises show up in the October employment report, the last before the election, but the real surprise could come in the November number when the aftereffects of Super Storm Sandy are felt in the job market.

Economists expect the October report to show a tepid 125,000 new nonfarm payrolls and a steady unemployment rate of 7.8 percent, according to Reuters.  The report has been considered key since it is the final report card on job growth ahead of Tuesday's presidential election, and expectations are low.

(Read More: )

But it also may be the one to watch ahead of November's report, when some economists think the impact from Sandy will result in less hiring, despite the need for construction and other workers in the storm hit east coast corridor. Estimates of economic impact from Sandy are as high as $50 billion, and Eqecat Thursday said it now expects insured damage to total $10 to $20 billion, with 64 percent of the losses in New York and New Jersey.