European Economics Preview: Germany Unemployment Data Due

European Economics Preview: Germany Unemployment Data Due

September 1, 2020

Unemployment from Germany and euro area and Purchasing Managers’ survey results from major Eurozone economies are due on Tuesday, headlining a busy day for the European economic news.

At 2.00 am ET, Destatis is set to issue Germany’s retail sales for July. Economists forecast sales to drop 3.3 percent on month, following a 1.6 percent drop in June.

At 3.00 am ET, Purchasing Managers’ survey results are due from Poland, Turkey and Hungary. In the meantime, GDP figures are due from the Czech Republic and Hungary.

At 3.15 am ET, IHS Markit is set to publish Spain’s manufacturing PMI data. Economists forecast the index to fall to 52.8 in August from 53.5 in July.

At 3.45 am ET, Italy’s manufacturing PMI data for August is due. The factory PMI is seen rising to 52.0 from 51.9 in July.

Thereafter, final PMI reports are due from France and Germany at 3.50 am and 3.55 am ET, respectively.

At 3.55 am ET, Germany’s unemployment data is due. The jobless rate is seen unchanged at 6.4 percent in August.

At 4.00 am ET, Eurozone final manufacturing PMI data is due. The final reading is seen at 51.7 in August, in line with flash estimate.

Also, Italy’s unemployment data is due. Economists forecast the jobless rate to rise to 9.1 percent in July from 8.8 percent in June.

Half an hour later, the Bank of England is set to release mortgage approvals data for July. The number of mortgage approvals is seen at 54,840 compared to 40,010 in June.

Also, the UK IHS Markit/CIPS manufacturing PMI is due for August. The final factory PMI reading is seen at 55.3.

At 5.00 am ET, Eurostat is scheduled to issue euro area flash inflation and unemployment data. Economists forecast inflation to ease to 0.2 percent from 0.4 percent in July. The jobless rate is expected to climb to 8 percent in July from 7.8 percent in June.

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