Global Economy Week Ahead: U.S. and China CPI, Eurozone Unemployment

By WSJ Staff Features Dow Jones Newswires

The second week of 2018 will see inflation data from the U.S. and China, the eurozone's unemployment rate for November, minutes from the European Central Bank's December meeting, and comments on the economic outlook from New York Federal Reserve chief William Dudley.

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TUESDAY: The eurozone economy's surprising strength in 2017 was evident in the jobs market, as unemployment fell more rapidly than most economists had expected. Figures for November are expected to show a pause in that decline, but the jobless numbers have regularly surprised over recent months and another drop could be in the cards.

WEDNESDAY: Two inflation readings come out of China on Wednesday (release time is Tuesday evening in the U.S.). Economists expect China's consumer-price index to have climbed 1.9% in December, compared with 1.7% year-over-year growth in November. The country's producer-price index likely rose 4.8% in December, compared with 5.8% in November.

THURSDAY: Federal Reserve Bank of New York President William Dudley speaks on the U.S. economic outlook for 2018, in which he could offer thoughts on the connection between inflation and employment. Mr. Dudley in a November speech said he still expects that a strong labor market will help push up inflation over time.

The European Central Bank releases minutes of its Dec. 13-14 policy meeting, when it left interest rates unchanged even as its new economic projections forecast strong growth for the 19-nation eurozone through 2020. Also Thursday, European Union statistical agency Eurostat releases industrial production figures for the eurozone in November. The euro area saw a 0.2% monthly rise in October, and economists expect November's growth to accelerate to 0.6%.

FRIDAY: The U.S. Labor Department releases December consumer-price index data, the latest look at inflation, which has persistently undershot the Federal Reserve's target. The price index increased 0.4% in November from the prior month. Core prices, which exclude the volatile categories of food and energy, rose a more sluggish 0.1% in November from a month earlier. Economists surveyed by The Wall Street Journal expect the December consumer-price index gained 0.1%.

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The U.S. Commerce Department releases data on December retail sales. Holiday sales were robust in November, with sales at online retailers, brick-and-mortar stores and restaurants rising 0.8% from a month earlier. Economists surveyed by The Wall Street Journal expect retail sales increased 0.4% in December from a month earlier.

(END) Dow Jones Newswires

January 07, 2018 15:14 ET (20:14 GMT)