In the US, the September jobs report is due out today. Employment growth slowed in August as expected after two months of very strong jobs growth. This leaves average jobs growth over the summer at a solid 230,000 per month. However, one has to take into account that this strong growth came after a very weak spring. In September, signals on employment growth were mixed. The report will provide important input for the Fed when deciding whether to hike this year - we think it will stay put (see Presentation US: 10 reasons why we believe the Fed will not hike this year , 14 September 2016).
German industrial production data is expected to return to growth. The July figures disappointed with a 1.5% m/m decline, significantly below expectations. However, the PMI figures and expectations for factory orders point to growth in industrial production in August.
After three consecutive declines, UK manufacturing data for August will also be closely followed. The decline may be due to Brexit, although the data series tends to fluctuate significantly. That said, the rebound in manufacturing PMI and the weaker pound points to a rebound in the actual production data.
Norwegian industrial production for August is the main event in Scandi markets today.
To read the entire report Please click on the pdf File Below