New research from Danske Bank
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In the euro area, the employment figure for Q2 is due for release on Wednesday. We estimate the improvement in the labour market continued in Q2, which has been indicated by strong PMI employment indicators throughout the quarter. Specifically, we expect employment growth of 0.4% q/q in Q2.
Today also brings data on euro area industrial production in July. We expect a small rebound in the euro area but based on the unchanged German figure in July, it should be modest. We expect the euro area figure to report 0.2% monthly growth.
In the UK, the labour market report for July is due. We expect the annual growth rate in average weekly earnings excluding bonuses (3 month average) was unchanged at 2.1% y/y but see a risk of a further decline in the unemployment rate to 4.3% from 4.4%.