Economic Calendar: Inflation, GDP and Industrial Output Across the Atlantic (15.05.2025)

Today’s economic calendar is exceptionally packed and will be rich in key data from both the Eurozone and the U.S., crucial from a market perspective.

We will hear a series of speeches from European Central Bank representatives and get Eurozone industrial production data, which is expected to rise considerably both year-on-year and month-on-month.

The highlight among central banker statements will be a press conference from Fed Chair Jerome Powell, shortly after U.S. data releases on retail sales, regional manufacturing activity, and jobless claims.

Economic calendar for today:

• 08:50, Eurozone – Speech by ECB’s Elderson

• 09:00, Poland – April inflation data:

  • CPI forecast: +0.4% m/m (previous: +0.2%)

  • CPI forecast: +4.2% y/y (previous: +4.9%)

• 09:00, Poland – GDP data:

  • GDP q/q (Q1): previous: +1.3%

  • GDP y/y (Q1): previous: +3.2%

• 09:00, U.S. – Monthly DOE report

• 09:30, UK – Labor productivity (Q4): previous: -2.4%

• 10:00, Eurozone – Labor market data:

  • Employment change q/q (Q1): forecast: +0.1%, previous: +0.1%

• 10:00, Eurozone – March industrial production:

  • Forecast: +2.5% y/y (previous: +1.2%)

  • Forecast: +1.9% m/m (previous: +1.1%)

• 10:00, Eurozone – GDP data:

  • GDP q/q (Q1): forecast: +0.4%, previous: +0.2%

  • GDP y/y (Q1): forecast: +1.2%, previous: +1.2%

• 10:00, Eurozone – EU economic forecasts

• 10:00, Eurozone – Additional labor market data:

  • Total employment (Q1): previous: 169.4353 million

  • Employment change y/y (Q1): forecast: +0.8%, previous: +0.7%

• 11:15, Eurozone – Speech by ECB’s de Guindos

• 13:15, Canada – April housing starts:

  • Forecast: 227.0K (previous: 214.2K)

• 13:30, Canada – March wholesale sales:

  • Forecast: -0.4% m/m (previous: +0.3%)

• 13:30, Canada – March manufacturing sales:

  • Forecast: -1.8% m/m (previous: +0.2%)

• 13:30, U.S. – Jobless claims:

  • Initial claims: forecast: 229K (previous: 228K)

  • 4-week average: previous: 227K

  • Continuing claims: forecast: 1.890M (previous: 1.879M)

• 13:30, U.S. – April EIA report:

  • Retail sales ex-gas/auto: previous: +0.8% m/m

• 13:30, U.S. – April inflation data:

  • PPI y/y: forecast: +2.5% (previous: +2.7%)

  • PPI m/m: forecast: +0.2% (previous: -0.4%)

  • Core PPI y/y (ex-food/energy/transport): previous: +3.4%

  • Core PPI m/m (ex-food/energy/transport): previous: +0.1%

• 13:30, U.S. – April retail sales:

  • Headline: forecast: 0.0% m/m (previous: +1.4%)

  • Year-on-year: previous: +4.6%

  • Core retail sales: forecast: +0.3% m/m (previous: +0.5%)

• 13:30, U.S. – Philadelphia Fed Manufacturing Index (May):

  • Forecast: -11.3 (previous: -26.4)

• 13:40, U.S. – Fed Chair Powell’s speech

• 14:15, U.S. – April industrial production:

  • Forecast: -0.2% m/m (previous: +0.3%)

  • Y/y: previous: +1.34%

  • Capacity utilization: forecast: +0.2% m/m (previous: -0.3%)

• 15:00, U.S. – March business inventories:

  • Forecast: +0.2% m/m (previous: +0.2%)

• 15:00, U.S. – March retail inventories excl. autos:

  • Forecast: +0.4% (previous: +0.1%)

• 15:00, U.S. – NAHB Housing Market Index (May):

  • Forecast: 40 (previous: 40)

• 18:00, U.S. – GDPNow forecast (Atlanta Fed, Q2):

  • Forecast: +2.3% (previous: +2.3%)

• 19:05, U.S. – Speech by Fed Vice Chair for Supervision, Barr

• 21:30, U.S. – Federal Reserve bank reserve balances:

  • Previous: $3.201T

• 21:30, U.S. – Federal Reserve balance sheet:

  • Previous: $6.711B