On 9 September the ECB is expected to announce a new upward revision of its growth estimates for this year, a widespread review of inflation projections and, in all likeliness, a slowing of the pace of PEPP purchases.
In the euro area, the focus will be on the ECB’s monetary policy meeting whereas only a few monthly indicators are scheduled for release this week. The ZEW survey in Germany should confirm that the recovery has now peaked. The final reading of 1Q Eurozone GDP should confirm the improvement outlined by the advance estimate, with domestic demand contributing positively and the foreign channel negatively.
Very quiet week indeed in terms of data releases in the United States. New macroeconomic information, in addition to weekly data on jobless claims, will be provided by the August PPI and by the June Job sand Labor Turnover Survey. Jobless claims at the beginning of September should confirm the effects of the reduction of federal programmes in several States, but could outline
an increase of new claims at the State level. The PPI is forecast to keep rising at a solid pace and job openings should increase further, driven by persistent recruiting difficulties.
Click the link below for the complete weekly economic report [3 September 2021] powered by Intesa Sanpaolo: