European Economics Preview: Eurozone HICP, Unemployment Reports Due

on July 31 2009 1:54 AM

RTTNews - Friday, major statistical reports due for the day are Eurozone HICP and unemployment.

At 3.30am ET, the Statistics Sweden is slated to release the second quarter GDP data. The economy is forecast to contract 0.4% sequentially in the second quarter.

Half an hour later, the Italian PPI and Norwegian C2 credit indicator and unemployment reports are scheduled. Norway's C2 credit indicator growth in June is seen at 7.1%, down from 7.5% in May. Meanwhile, the jobless rate is expected to rise to 3.2% in April to June.

Economists forecast Italian producer prices to drop 7.5% on a yearly basis in June following a 6.7% decrease in May.

At 5.00am ET, the Eurostat is slated to release unemployment data and a flash estimate for HICP. Eurozone HICP inflation is forecast fall 0.4% year-on-year in July compared to a 0.1% drop in June. Meanwhile, the jobless rate is expected to rise to 9.7% in June from 9.5%.

In the meantime, a preliminary report for Italian CPI for the month of July is also due. EU harmonized annual inflation in Italy is seen at 0.4%.

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