Economic Calendar: Nonfarm Payrolls data from the US in the spotlight 📣

• Further data from the U.S. labor market
• ISM and durable goods from the USA
• Data from the Canadian labor market

The calendar today is once again filled with several significant publications. In the first part of the day, investors will learn about inflation data from the Eurozone. Expectations indicate 3.5% y/y, a slightly lower reading compared to 3.6% y/y in November.

Then, market attention will focus on the next set of data from the American labor market. The NFP report is expected to show a slightly smaller employment change, which in December is to be 170k compared to 199k the month before. The unemployment rate is expected to rise to 3.8% compared to 3.7% the month before.

Detailed Calendar:

07:00 GMT, Germany - German Retail Sales for November:

• forecast: -0.5% YoY; previous: -0.1% YoY;
• forecast: -0.1% MoM; previous: 1.1% MoM;

10:00 GMT, Euro Zone - Inflation Data:

• Core CPI - previous: -0.6% MoM;
• Core CPI - forecast: 3.5% YoY; previous: 3.6% YoY;
• CPI - forecast: 3.0% YoY; previous: 2.4% YoY;
• PPI - forecast: -8.7% YoY; previous: -9.4% YoY;
• PPI - forecast: -0.1% MoM; previous: 0.2% MoM;

13:30 GMT, United States - Employment Data Pack for December:

• Average Hourly Earnings - forecast: 3.9% YoY; previous: 4.0% YoY;
• Nonfarm Payrolls - forecast: 170K; previous: 199K;
• Participation Rate - previous: 62.8%;
• Private Nonfarm Payrolls - forecast: 130K; previous: 150K;
• Unemployment Rate - forecast: 3.8%; previous: 3.7%;

13:30 GMT, Canada - Employment Data Pack for December:

• Avg hourly wages Permanent employee - previous: 5.0%;
• Employment Change - forecast: 13.5K; previous: 24.9K;
• Full Employment Change - previous: 59.6K;
• Part Time Employment Change - previous: -34.7K;
• Participation Rate - previous: 65.6%;
• Unemployment Rate - forecast: 5.9%; previous: 5.8%;

15:00 GMT, United States - Durable Goods for November:

• Durables Excluding Defense - previous: 6.5% MoM;
• Durables Excluding Transport - previous: 0.5% MoM;
• Factory Orders - forecast: 2.1% MoM; previous: -3.6% MoM;
• Factory orders ex transportation - previous: -1.2% MoM;

15:00 GMT, United States - ISM Data Pack for December:

• ISM Non-Manufacturing Business Activity - previous: 55.1;
• ISM Non-Manufacturing Employment - previous: 50.7;
• ISM Non-Manufacturing New Orders - previous: 55.5;
• ISM Non-Manufacturing PMI - forecast: 52.6; previous: 52.7;
• ISM Non-Manufacturing Prices - previous: 58.3;

15:00 GMT, Canada - PMI Data for December:

• Ivey PMI - forecast: 55.0; previous: 54.7;