U.S. labor market condition likely improved in October

In the United States, the nonfirm and private payroll, and unemployment rate data for October are scheduled to release today. The unemployment rate is likely to post below the previous month's figure of 5.1%.

"Our model estimates that non-agricultural concerns hired 220K net new workers this month, besting the admittedly tepid 139K average gain over the August-September span . Fundamental and technical factors underpin our call for a significant pickup in job growth in October", argues Societe Generale.

The average number of persons filing initial claims for unemployment insurance is reduced by 9K to 264K. This figure indicates that the economic activity has picked up slowly and thereby new job oppertunities have been created. 

The BLS' estimated seasonal adjustment factors likely will be far less harsh than the mean 749K-job haircut utilized over the 2010-14 span, added Societe Generale.