Bank of America Global Research previews the October jobs report due on Friday.

"We expect payrolls to rise by an above-consensus 75k in Oct (private: 70k), up from 29k in Sep. Claims remain extremely benign, while the recent slowdown in weekly ADP and potentially unfavorable seasonals pose downside risks," BofA notes.

"We expect the u-rate to remain at 4.2%, as the LFPR falls a tenth and HH employment gains moderate after two strong months. A larger drop in participation could push the u-rate to 4.1%. Overall, the labor market remains stable, with job growth above breakeven and the u-rate flat/down," BofA adds.