Economic calendar: PMIs, ADP employment and US industrial production (03.12.2025)

Today’s session will be packed with macroeconomic data on both sides of the Atlantic, likely testing the investor uncertainty that has persisted since the start of the week ahead of a series of Fed-critical releases.

After the Swiss CPI, Europe’s focus will shift to final services PMI readings. Manufacturing PMIs were slightly weaker than expected, so stability in services will be key to preventing renewed concerns about Eurozone growth and avoiding a challenge to the ECB’s recent forecast upgrades. Focus will also shift to Chrisitne Lagarde’s speech in front of the European Parliament's ECON commission.

In the US, the most closely watched release will be the ADP non-farm employment report which, due to the later NFP publication, will be the Fed’s only real labour-market reference point ahead of the upcoming FOMC. Alongside ADP, industrial production and—similar to Europe—services PMI/ISM readings are due. Energy markets will react to the weekly EIA report.

Economic Calendar for Today:

07:30 BST, Switzerland – November inflation:

• CPI m/m: actual –0.2%; forecast –0.1%; prior –0.3%

• CPI y/y: actual 0.0%; forecast 0.1%; prior 0.1%

08:15 BST, Spain – November PMI:

• Services PMI: forecast 56.3; prior 56.6

08:30 BST, Eurozone – Speech by ECB President Lagarde

08:50 BST, France – November PMI:

• Services PMI: forecast 50.8; prior 48.0

• Composite PMI (S&P Global): forecast 49.9; prior 47.7

08:55 BST, Germany – November PMI:

• Composite PMI: forecast 52.1; prior 53.9

• Services PMI: forecast 52.7; prior 54.6

09:00 BST, Eurozone – November PMI:

• Composite PMI (S&P Global): forecast 52.4; prior 52.5

• Services PMI: forecast 53.1; prior 53.0

09:30 BST, UK – November PMI:

• Services PMI: forecast 50.5; prior 52.3

09:30 BST, Switzerland – November PMI:

• procure.ch PMI: forecast 48.6; prior 48.2

09:30 BST, UK – November PMI:

• Composite PMI: forecast 50.5; prior 52.2

10:30 BST, Eurozone – Speech by ECB’s Lane

13:15 BST, United States – November labour market data:

• ADP non-farm payroll change: forecast 5K; prior 42K

13:30 BST, Canada – Labour productivity (Q3):

• Forecast 0.4%; prior –1.0%

13:30 BST, United States – September trade balance:

• Import price index m/m: forecast 0.1%; prior 0.3%

• Import price index y/y: prior 0.0%

• Export price index m/m: forecast 0.1%; prior 0.3%

• Export price index: prior 3.4% y/y

13:30 BST, Eurozone – Speech by ECB President Lagarde

14:00 BST, Poland – December interest rate decision:

• Forecast 4.00%; prior 4.25%

14:15 BST, United States – September industrial production:

• Industrial production m/m: forecast 0.1%; prior 0.2%

• Industrial production y/y: prior 0.87%

• Manufacturing output m/m: forecast 0.1%; prior 0.1%

14:45 BST, United States – November PMI:

• Composite PMI (S&P Global): forecast 54.8; prior 54.6

• Services PMI: forecast 55.0; prior 54.8

15:00 BST, United States – September inflation data:

• Construction spending: prior 0.2% m/m

15:00 BST, United States – November ISM:

• ISM services business activity: prior 54.3

• ISM services employment: prior 48.2

• ISM services new orders: prior 56.2

• ISM services index: forecast 52.0; prior 52.4

• ISM services prices: prior 70.0

15:00 BST, United States – November total vehicle sales:

• Forecast 15.40M; prior 15.30M

15:30 BST, Eurozone – Speech by ECB President Lagarde

15:30 BST, United States – EIA report:

• Distillate production: prior 0.087M

• Weekly refinery utilisation (w/w): prior 2.3%

• Heating oil inventories: prior 0.057M

• Gasoline production: prior 0.286M

• Weekly distillate prices (EIA): prior 1.147M

• Cushing crude inventories: prior –0.068M

• Crude oil imports: prior 1.046M

• Refinery crude throughput (w/w): prior 0.211M

• Crude oil inventories: forecast –1.900M; prior 2.774M

• Gasoline inventories: prior 2.513M

17:00 BST, UK – Speech by BoE MPC member Mann

19:30 BST, United States – Speech by President Donald Trump