Eurozone job losses expected to shoot up 8.1%

In Europe, the economic calendar contains a few, albeit very important economic statistics. On the employment front, the Eurozone unemployment rate will be announced. It is expected to have shot up 8.1% during January. The Eurozone current account figures will be released, followed by the industrial new orders, both for December. The Consumer Price index will shed light on pricing trends in the Eurozone and various confidence surveys will also be published.

In the UK, the spotlight will also be on its preliminary Gross Domestic Product (GDP) for the fourth quarter (Q4), which is expected to have contracted 1.6% during the period. Meanwhile, the UK CBI Quarterly Distributive Trades survey will reveal the state of retail sales in Britain. Meanwhile, the GfK consumer confidence survey will provide an insight regarding consumer confidence. Q4 figures on both private consumption and government spending will be relased. The Nationwide house prices will round-off the UK data release.

In the US, the schedule for the release of economic data is very tight this week. The main focus will be on the preliminary Q4 GDP. The US economy is expected to have contracted by 5.2% during this period. Meanwhile, the S and P Case Shiller Home Price index, a leading measure of US home sales, will provide a clear view on house price trends during December, and data on existing and new home sales will provide an update on the housing market in January.

The University of Michigan Confidence survey, a measure of consumer sentiment regarding personal finances, business conditions and purchasing power, is expected to have remained unchanged this month, whereas it is predicted that durable goods orders will have declined during January, though at a slower pace than the previous month. The release of the Q4 personal consumption figures will round-up the US schedule.

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