Assuming Oct is in column A and Nov in column B, set up columns headed New and
In the New column, put this formula:
=IF(COUNTIF($A:$A,B2)=0, B2&" is new","")
In the Removed column, put this formula:
=IF(COUNTIF($B$B,A2)=0,A2&" was removed","")
Copy the formulas down as far as needed.
For items that are the same, both columns will appear to be empty.