The US February jobs report (14:30 CET) will be scrutinised intensively following the recent speculation about the prospect of a Fed hike on Wednesday next week. At the moment, it seems that it would take a significant downside surprise to keep the Fed from hiking. We estimate a non-farm payroll of 190,000, although Wednesday's strong ADP report suggests that risks to this estimate are on the upside. Furthermore, we expect to see some reversal in average hourly earnings after weakness in wages in financial activities dragged them down in January. We estimate average hourly earnings increased by 0.3% m/m and 2.8% y/y in February and that the unemployment level remained at 4.8%.
In the UK, industrial production and construction output in January are due at 10:30 CET. Also, the NIESR GDP estimate for February (16:00 CET) may attract attention, as it has been a fairly reliable estimator of actual GDP growth.
In Scandi markets, inflation data is due today in Denmark and Norway.
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