In the US, the main release due today is the ADP private jobs report ahead of the official jobs report on Friday.The jobs report on Friday is an important release ahead of the FOMC September meeting, as employment still seems to be a more important input to the Fed's reaction function than inflation, which continues to run somewhat below the 2% target. In addition, the Fed's Rosengren (voter, dovish) and Kashkari (non-voter, dovish) are due to speak today.
Today, euro area HICP inflation data for August is due out. Based on yesterday's German HICP inflation figure, we now estimate that euro area HICP inflation was unchanged at +0.2% y/y in August. We estimate that HICP core inflation declined from 0.9% y/y in July to 0.8% y/y in August. We estimate the euro area unemployment rate rose to 10.1% in July from 10.0% in June.
In the Scandies, Danish and Norwegian Q2 GDP figures are due out. We estimate the Danish and Norwegian (mainland) economies grew 0.5% q/q and 0.3% q/q, respectively.
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