Overnight Data and Events(Market expectations, Last...

Overnight Data and Events(Market expectations, Last observation):

•>US Change in Non-Farm Payrolls (Oct): -190K (-175K, -219K). Employment declined by a larger-than-expected 190k, but the net revisions to previously released data was +91K. Temporary hiring surged by 34K and this signals some pickup in employment demand. However, the unemployment rate rose from 9.8% to 10.2%, which is its highest level since June 1983. Household employment fell by a large 589K, with most of those losing their jobs in the month electing to stay in the workforce. The labour force dipped by only 31K. Household employment was much weaker than payrolls in recent months but the gap between them is not (quite) unprecedented, with the household survey much more volatile. Wages growth is still easing and this now just 2.4% and there is more downward pressure to come.

.>US Unemployment Rate (Oct): 10.2% (9.9% 9.8%)

•>US Average Hourly Earnings m/m (Oct): 0.3% (0.1%, 0.1%)

•>US Consumer Credit (Sep): -$14.8B (-$10.0B, -$9.9B). Consumer credit fell by $14.8B on the back of large falls in both revolving credit (covering primarily credit cards) and non-revolving consumer credit.

•>GE Factory Orders (Sep): 0.9% (1.0%, 2.1%) Factory orders increased by 0.9% to produce the seventh consecutive monthly rise. The rise in September was mostly due to a 3.7% rise in export orders and suggests the external sector is leading the economy out of recession.

Good luck all!