3 Numbers to Watch: EZ Retail Sales, DE Ind Prod & US Cons Credit
As the dust begins to settle after last night's elections and with event risks out of the way 'for now', we take a look at three of the most important macroeconomic indicators due out in the US and Europe today.
Eurozone Retail Sales (10:00 GMT) Retail sales in the Eurozone are forecast to grow by 0.4 percent month-on-month in September, according to analysts' estimates, compared to 0.1 percent in August. The Eurozone retail sector has been mired in a deep downturn at the start of the final quarter of 2012, according to PMI data from Markit. The index fell back from September’s three-month high of 47.1 to 45.3, after a sharp fall in retail sales.
German Industrial Prodution (11:00 GMT) Industrial production in Germany is forecast to decline by 0.6 percent in September after falling 0.5 percent in August, according to analysts' estimates. But year-on-year industrial production is expected to grow by 0.8 percent, from -1.4 percent. German industry has fared better in the last three months as the economy rides the current global economic slowdown surprisingly well compared to other large economies. However, recent downbeat survey data suggests the resilience cannot be sustained, meaning a modest drop in production in September is likely to be followed by steeper declines in the year.
US Consumer Credit (20:00 GMT) The amount of credit issued to US consumers is forecast to decline in September to USD 10.125 billion from USD 18.123 billion in August. The outstanding credit in August was split between a USD 13.9 billion rise for non-revolving credit and a USD 4.2 billion rise for revolving credit. Meanwhile, non-revolving credit showed across the strong gains reflecting strong vehicle sales and a surge in the federal government component.
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