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UK jobs data will be highlight of the week
On Monday, current account data are released in Japan, followed by the Eurozone Sentix Index during the European session. Then, employment trends data are published in the US.
On Tuesday, Australia issues business confidence data. Then Germany releases ZEW economic sentiment data and wholesale price numbers. From Canada, we will have housing starts data and then from the US, NFIB Business Optimism Index and productivity data.
On Wednesday, consumer sentiment numbers and wage inflation data are out in Australia. Industrial output figures are meanwhile updated in China, India, Japan and the Eurozone with the former also seeing the publication of retail sales data.
The highlight of the week will be the UK labour market report. Last month’s data presented a mixed bag of news on the health of the UK labour market. While wage growth continued to accelerate, employment fell in the three months to May and unemployment nudged higher. This could lead to hesitation in starting the monetary policy normalisation process. Moreover, latest business survey data signalled that employment growth fell sharply to the lowest since September 2013.
On Thursday, Germany releases inflation numbers. The US publishes initial jobless claims, retail sales and business inventories data.
On Friday, second quarter GDP numbers and inflation data are updated in the Eurozone. The Office for National Statistics issues construction output numbers for the UK. Finally, manufacturing sales figures are out in Canada.
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