Eurozone PMIs and UK employment in focus today – Rabobank

Analysts at Rabobank suggest that it’s ECB time tomorrow, but today also has some interesting features on the macro calendar as this morning we kick off with a slew of hot of the press PMI’s in the Eurozone, which are expected to show that the momentum has actually cooled a bit.

Key Quotes

“But in all fairness, there is no meaningful difference between a Eurozone Composite PMI of 58.1 or 57.9 – both are very, very good. However, there is a risk that the recent strength in the Euro will ultimately dampen the mood somewhat.”

“At 10:30 AM CET we’ll get the UK labour market statistics. In the three months to October, the UK economy actually shed 56,000 jobs. Another negative reading on employment is expected today, albeit a bit smaller. The unemployment rate is seen as unchanged at 4.3%, but this may actually increase if there only is a small pick-up in the participation rate. Pay is expected at just 2.3% year-on-year, suggesting that the real income squeeze for UK consumers is far from over. Not so “super-duper-awesome!” on that front, unfortunately.”