Economic calendar: NFP report and US labor data in focus 📣

Today's macro calendar includes several important publications that could impact global financial markets. Investors will be primarily focused on the US labor market data release around 1:30 pm BST. However, the Eurozone GDP report and Canadian labor market data could also prove interesting.

Wednesday's ADP data showed lower readings than expected and lower than last month's publication. Similarly, JOLTS data and weekly unemployment claims indicate stabilization in the labor market. However, expectations for today's NFP report suggest an increase in employment to 185,000 compared to 175,000 last month. The expected unemployment rate remains at 3.9%, the same as the previous month. Weaker data in other publications provide a chance for a similar surprise in the NFP release. On the other hand, the disparity between ADP and NFP publications has been significant in recent months, suggesting that the only certainty around 1:30 pm BST is increased volatility.

Detailed schedule for the day:

09:00 AM BST, Euro Zone - ECB's Schnabel Speaks

10:00 AM BST, Euro Zone - GDP data:

• GDP (Q1): forecast 0.3% QoQ; previous 0.0% QoQ;
• GDP: forecast 0.4% YoY; previous 0.1% YoY;

10:00 AM BST, Euro Zone - Employment Data:

• Employment Overall (Q1): forecast 168,055.8K; previous 167,534.6K;
• Employment Change (Q1): forecast 0.3% QoQ; previous 0.3% QoQ;

11:00 AM BST, Euro Zone - European Parliament Elections

01:30 PM BST, United States - Employment Data for May:

• Nonfarm Payrolls: forecast 182K; previous 175K;
• Private Nonfarm Payrolls: forecast 170K; previous 167K;
• Participation Rate: previous 62.7%;
• Unemployment Rate: forecast 3.9%; previous 3.9%;
• Average Weekly Hours: forecast 34.3; previous 34.3;
• Average Hourly Earnings: forecast 3.9% YoY; previous 3.9% YoY;
• Average Hourly Earnings: forecast 0.3% MoM; previous 0.2% MoM;

01:30 PM BST, Canada - Employment Data for May:

• Unemployment Rate: forecast 6.2%; previous 6.1%;
• Avg hourly wages Permanent employee: previous 4.8%;
• Participation Rate: previous 65.4%;
• Part Time Employment Change: previous 50.3K;
• Full Employment Change: previous 40.1K;
• Employment Change: forecast 24.8K; previous 90.4K;

03:15 PM BST, Euro Zone - ECB President Lagarde Speaks