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By Jason Stipp and Robert Johnson, CFA | 12-05-2012 04:00 PM

Friday's Job Report More About Sandy Than the Economy

In almost every government report we've had so far, the impact of Sandy has been far bigger than anybody would have imagined, says Morningstar's Bob Johnson.

Jason Stipp: I'm Jason Stipp for Morningstar.

Friday's government employment report for November will be even tougher to forecast and read due to the effects of superstorm Sandy.

So, what shall we do with this report when we get the numbers? Here to offer some insights is Morningstar's Bob Johnson, our director of economic analysis.

Thanks for joining me, Bob

Bob Johnson: Great to be here.

Stipp: We do have a little bit of information to work with that may give us some clues about what we might expect on Friday, though I think the range is pretty wide open for what we could see. But we have ADP that we got this week and it showed 118,000 private-sector jobs were added [in November]. This could have been potentially a lot worse than we saw, right?

Johnson: Absolutely. I mean, I thought the [ADP] number was relatively good. It's down from the 157,000 the prior month, but that's only about 40,000-some jobs. So, it wasn't a huge falloff from the storm. So, that provides one piece of good news going into the report on Friday.

Stipp: And although we could see a pretty big range of numbers potentially depending on how things pan out, you did say that there are some positive things that will be helping the job number probably, and then there are some negative things that will either cloud the job number or could be headwinds.

Let's starts with some of the positive things. The seasonal adjustment factor is more in our favor than against us.

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