US non-farm payrolls in focus next week alongside global PMI data

Next week’s highlight will be the US jobs report. The all-important non-farm payrolls report will be released on Thursday instead of the usual Friday releases because it will be a public holiday on July 3rd in the US.

Meanwhile, aside from economic data, focus will also be on Greece and the outcome of the Eurogroup meeting this weekend. An IMF payment is due on June 30 by Greece.

Looking at the data for next week:

On Monday, Japan retail sales and industrial output numbers are published. Then Germany and Spain release of inflation data.

From North America, we will see producer price figures are out in Canada and US pending home sales numbers.

On Tuesday Australian new home sales data will be good to watch out for. Then focus shifts to the Eurozone which publishes unemployment and inflation data. Consumer prices rose at an annual rate of 0.3% in May, the largest increase since last November and suggesting that the region’s dip into deflation was only brief. Unemployment meanwhile fell to 11.1% during April.

On Tuesday, the UK releases its final third quarter GDP numbers and GfK consumer confidence figures. Recent upbeat PMI data have raised hopes that the pace of expansion in the UK is likely to have picked up again in the second quarter, led by strong service sector growth.

GDP data are also due from Canada. Then consumer confidence data are issued in the US alongside the latest Shiller Home Price Index.

Throughout Wednesday, manufacturing PMI data will be released by Markit for various countries, including China, Japan, Eurozone, UK and US.

Meanwhile, on Wednesday, Australian building permit numbers are issued. Then it will be important to watch the Bank of Japan’s latest Tankan business sentiment survey results. In the US, ADP employment numbers are published.

On Thursday, Australia publishes trade balance data and the UK construction PMI numbers are out.

The highlight on Thursday will be the US non-farm payroll report and initial jobless claims figures. Non-farm payrolls increased by 280,000 in May versus expectations of a 225,000 rise. That was the largest rise so far this year. Jobs data are closely watched by the Federal Reserve as it seeks to make its decision on when to start hiking interest rates.

On Friday, worldwide service PMI results are published by Markit. Australia and the Eurozone will release retail sales data.

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