Highlights
German manufacturing orders in November are expected to fall 0.7 percent after staging a partial recovery in October with a 0.8 percent monthly gain. By contrast, retail sales in Germany are expected to rise 0.9 percent on the month in November after falling a disappointing 2.8 percent in October.
In the UK, the Halifax house price index is seen flat following a hefty 2.3 percent monthly fall in November. The construction purchasing managers' index (PMI) is expected to fall to 49.6 in December from 50.4 in November, slipping into negative growth territory.
Retail sales in Switzerland is forecast to show a 1.5 percent drop on the year in November, with the pace of decrease decelerating from 2.5 percent in October.
In France, consumption of manufactured goods by consumers is seen rebounding 1.0 percent on the month after a 1.8 percent dip in October.
The EC economic sentiment index is expected to pick up further to 94.5 in December from 93.7 in November, when it finally improved after a long run of deterioration.
The Eurozone's flash harmonised index of consumer prices (HICP) is forecast to show slight easing to a 9.5 percent rise on the year in December versus a 10.0 percent gain in November. The annual rate in the narrow core is seen at 5.0 percent, the same as in the prior month.
Retail sales in the Eurozone are expected to see a 0.5 percent rebound in November following October's 1.8 percent decline.
In the US, a 200,000 rise is the call for nonfarm payroll growth in December versus 263,000 in November, which was near the top of Econoday's consensus range. November was the seventh straight month and nine of the last 10 that payroll growth exceeded Econoday's consensus.
Average hourly earnings in December are expected to rise 0.4 percent on the month for a year-over-year rate of 5.0 percent; these would compare with 0.6 and 5.1 percent in November, both of which were sharply above Econoday's consensus range.
US factory orders are expected to fall 0.7 percent in November that would follow a strong 1.0 percent rise in October.
Econoday's consensus for the ISM services sector index for December is 55.0, which would indicate a 31st straight month of growth but slower than in November, when it rose to 56.5 on holiday season demand and at the initial stage of the government's new fiscal year that began in October. The ISM services index has been surprisingly solid month after month.
In Canada, employment in December is expected to rise 5,000 versus November's 10,100. December's unemployment rate is expected to rise 1 tenth to 5.2 percent from 5.1 percent. The labor market remains tight, driving wage growth, amid continued tightening by the Bank of Canada.
Among Fed officials, Federal Reserve Board Governor Lisa Cook will participate in a panel on Inflation What Lies Ahead hosted by the American Finance Association at the 2023 Allied Social Science Associations (ASSA) Annual Meeting at 11:15 a.m. EST (1615 GMT).
Atlanta Federal Reserve Bank President Raphael Bostic will participate in the Global Economic Outlook panel hosted by the National Association for Business Economics at the American Economic Association Annual Meeting at 11:15 a.m. EST (1615 GMT).
Later at 3:30 p.m. EST (2030 GMT), Bostic will participate in the panel on Lessons from the Pandemic: Two Years Out hosted by the International Banking, Economics and Finance Association at the American Economic Association annual meeting.
Richmond Federal Reserve Bank President Thomas Barkin will speak in person before the 21st Annual Economic Forecast Forum presented by the N.C. Chamber and the North Carolina Bankers Association at 12:15 p.m. EST (1715 GMT).
In the UK, the Halifax house price index is seen flat following a hefty 2.3 percent monthly fall in November. The construction purchasing managers' index (PMI) is expected to fall to 49.6 in December from 50.4 in November, slipping into negative growth territory.
Retail sales in Switzerland is forecast to show a 1.5 percent drop on the year in November, with the pace of decrease decelerating from 2.5 percent in October.
In France, consumption of manufactured goods by consumers is seen rebounding 1.0 percent on the month after a 1.8 percent dip in October.
The EC economic sentiment index is expected to pick up further to 94.5 in December from 93.7 in November, when it finally improved after a long run of deterioration.
The Eurozone's flash harmonised index of consumer prices (HICP) is forecast to show slight easing to a 9.5 percent rise on the year in December versus a 10.0 percent gain in November. The annual rate in the narrow core is seen at 5.0 percent, the same as in the prior month.
Retail sales in the Eurozone are expected to see a 0.5 percent rebound in November following October's 1.8 percent decline.
In the US, a 200,000 rise is the call for nonfarm payroll growth in December versus 263,000 in November, which was near the top of Econoday's consensus range. November was the seventh straight month and nine of the last 10 that payroll growth exceeded Econoday's consensus.
Average hourly earnings in December are expected to rise 0.4 percent on the month for a year-over-year rate of 5.0 percent; these would compare with 0.6 and 5.1 percent in November, both of which were sharply above Econoday's consensus range.
US factory orders are expected to fall 0.7 percent in November that would follow a strong 1.0 percent rise in October.
Econoday's consensus for the ISM services sector index for December is 55.0, which would indicate a 31st straight month of growth but slower than in November, when it rose to 56.5 on holiday season demand and at the initial stage of the government's new fiscal year that began in October. The ISM services index has been surprisingly solid month after month.
In Canada, employment in December is expected to rise 5,000 versus November's 10,100. December's unemployment rate is expected to rise 1 tenth to 5.2 percent from 5.1 percent. The labor market remains tight, driving wage growth, amid continued tightening by the Bank of Canada.
Among Fed officials, Federal Reserve Board Governor Lisa Cook will participate in a panel on Inflation What Lies Ahead hosted by the American Finance Association at the 2023 Allied Social Science Associations (ASSA) Annual Meeting at 11:15 a.m. EST (1615 GMT).
Atlanta Federal Reserve Bank President Raphael Bostic will participate in the Global Economic Outlook panel hosted by the National Association for Business Economics at the American Economic Association Annual Meeting at 11:15 a.m. EST (1615 GMT).
Later at 3:30 p.m. EST (2030 GMT), Bostic will participate in the panel on Lessons from the Pandemic: Two Years Out hosted by the International Banking, Economics and Finance Association at the American Economic Association annual meeting.
Richmond Federal Reserve Bank President Thomas Barkin will speak in person before the 21st Annual Economic Forecast Forum presented by the N.C. Chamber and the North Carolina Bankers Association at 12:15 p.m. EST (1715 GMT).
Definition
Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.
Description
Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.
