UK Construction loses steam whilst unemployment drops in the Euro region
- Spanish Unemployment Change: 57.2K
- German Unemployment Change: -20K
- GBP Construction PMI: 55.0
- EUR Unemployment Rate: 10.4%
- NZD GDT Price Index: -7.4%
- USD FOMC Member George Speaks
- NZD Employment Change q/q: 0.9%
- NZD Unemployment Rate: 5.3%
- RBNZ Gov Wheeler Speaks
- AUD Building Approvals m/m: 9.2%
- AUD Trade Balance: -3.54B
Yesterday’s economic calendar was relatively quiet with only two pieces of data to note: the UK Construction PMI and the Eurozone Unemployment rate. Firstly, Construction PMI disappointed in the UK early yesterday, missing expectations of 57.6 and posting a nine month low of 55.0. Construction firms were struggling for momentum, with increased economic uncertainty holding back the demand for new orders and this could be the case throughout Q1 as well.
In the Eurozone, Unemployment dropped further than forecast to a low of 10.4%, this low stretches all the way to September 2011. It was another piece of unexpected good news as the ECB considers increasing monetary stimulus next month to combat the current deflationary threats. The job market outlook remains relatively robust with its fourth better than expected figure.
- GBP Services PMI
- USD ADP Non-Farm Employment Change
- USD ISM Non-Manufacturing PMI
- USD Crude Oil Inventories
- NZD RBNZ Assist Gov McDermott Speaks
- AUD NAB Quarterly Business Confidence
Two key economic indicators are due for release today, one for the UK and one for the US. Focusing on the UK’s number we have the PMI Services set for release. The service sector makes up roughly 70% of the UK’s economy. Meanwhile, we also get an early indication of how the all-important jobs report on Friday could look with the release of ADP Employment Report. Also due to hit the wires is the ISM Non-Manufacturing index.