Manufacturing output appears to be growing at a solid rate however many economists argue that the manufacturing sector is too small to prevent the overall economy from struggling again in the second quarter
Billionaire investor George Soros said in a key note speech it may take the U.K. as long as five years to leave the European Union, with the process set to do major harm to both parties. Urging the world’s biggest trading bloc to avoid penalising Britain and instead focus on reforming itself.
Although data released on Friday indicated a 1.4% dip in US construction spending this was offset by a positive US manufacturing report which showed its index edging up to 54.9. The flurry of positive data will prompt economists to have a more optimistic outlook on today’s Bureau of Labor Statistics report of Non-Farm Payrolls and possibly even decrease the estimate for the headline unemployment number, in turn strengthening interest rate expectations throughout the US economy.
09.30 – GBP: Construction PMI Forecast at 52.7 against previous of 53.1
13.30 – USD: Average Hourly Earnings MoM; Forecast at 0.2% against previous of 0.3%
13:30 - USD: US Unemployment rate (May) expected to remain unchanged at 4.4%
13:30 - USD: US non-farm payrolls (May) expected to fall to 185K from 211K