Today, we will receive several interesting macroeconomic reports from the U.S. These include the PCE inflation report, the preliminary U.S. GDP report for the first quarter of 2025, and the ADP report — the first labor market report for April. On Friday, we’ll get the next one, the NFP.
The most important report will likely be the GDP report. Forecasts expect a decline in annualized economic growth in the first quarter to +0.3% compared to 2.3% in the last quarter of 2024, along with an increase in the deflator to 3.1% q/q (previously 2.3% q/q).
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Create account Try a demo Download mobile app Download mobile appNext in importance is the PCE report — the Fed’s preferred inflation measure. The report will cover data for March and is expected to show a further decline in price pressure to 2.2% y/y and 2.6% y/y for the headline and core measures, respectively.
After the session closes, we’ll also get quarterly earnings reports from Microsoft, Robinhood, and Meta.
Detailed daily calendar:
08:55 AM BST, Germany - Employment Data for April:
- German Unemployment n.s.a.: previous 2.967M;
- German Unemployment: previous 2.922M;
- German Unemployment Rate: forecast 6.3%; previous 6.3%;
- German Unemployment Change: forecast 16K; previous 26K;
09:00 AM BST, Germany - Inflation Data for April:
- Saxony CPI: previous 2.5% YoY;
- North Rhine Westphalia CPI: previous 1.9% YoY;
- North Rhine Westphalia CPI: previous 0.3% MoM;
- Hesse CPI: previous 0.4% MoM;
09:00 AM BST, Germany - GDP data:
- German GDP (Q1): forecast 0.2% QoQ; previous -0.2% QoQ;
- German GDP (Q1): forecast -0.2% YoY; previous -0.2% YoY;
09:00 AM BST, Germany - Inflation Data for April:
- Brandenburg CPI: previous 0.4% MoM;
- Brandenburg CPI: previous 2.3% YoY;
- Bavaria CPI: previous 0.3% MoM;
- Bavaria CPI: previous 2.3% YoY;
- Baden Wuerttemberg CPI: previous 2.2% YoY;
- Baden Wuerttemberg CPI: previous 0.2% MoM;
- Saxony CPI: previous 0.6% MoM;
- Hesse CPI: previous 2.4% YoY;
10:00 AM BST, Euro Zone - GDP data:
- GDP (Q1): forecast 0.2% QoQ; previous 0.2% QoQ;
- GDP (Q1): forecast 1.0% YoY; previous 1.2% YoY;
01:00 PM BST, Germany - Inflation Data for April:
- German CPI: forecast 0.3% MoM; previous 0.3% MoM;
- German CPI: forecast 2.0% YoY; previous 2.2% YoY;
- German HICP: forecast 2.1% YoY; previous 2.3% YoY;
- German HICP: forecast 0.4% MoM; previous 0.4% MoM;
01:15 PM BST, United States - Employment Data for April:
- ADP Nonfarm Employment Change: forecast 114K; previous 155K;
01:30 PM BST, United States - GDP data:
- GDP (Q1): forecast 0.2% QoQ; previous 2.4% QoQ;
- GDP Sales (Q1): previous 3.3%;
- GDP Price Index (Q1): forecast 3.1% QoQ; previous 2.3% QoQ;
- Real Consumer Spending (Q1): previous 4.0%;
- PCE Prices (Q1): previous 2.4%;
02:45 PM BST, United States - PMI Data for April:
- Chicago PMI: forecast 45.9; previous 47.6;
03:00 PM BST, United States - Inflation Data for March:
- PCE price index: forecast 0.0% MoM; previous 0.3% MoM;
- PCE Price index: forecast 2.2% YoY; previous 2.5% YoY;
- Core PCE Price Index: forecast 0.1% MoM; previous 0.4% MoM;
- Core PCE Price Index: forecast 2.6% YoY; previous 2.8% YoY;
- Personal Spending: forecast 0.6% MoM; previous 0.4% MoM;
- Personal Income: forecast 0.4% MoM; previous 0.8% MoM;
- Real Personal Consumption: previous 0.1% MoM;
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