Economic Calendar events to watch this week

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Investing.com - The economic calendar for upcoming week is less busy after last week saw several key economic events. Friday's nonfarm payrolls report for May pointed to solid jobs growth, so investors will be focusing on the upcoming U.S. retail sales report for indications on the strength of the recovery. Thursday's U.K. jobs report will be closely watched, while the euro zone will not be releasing any significant data.

U.S. retail sales

The U.S. is to release the May retail sales report on Thursday, with market watchers expecting a 0.6% increase after a lackluster 0.1% increase in April. Data last week already showed that U.S. auto sales surged 11% in May, indicating that consumer confidence remains strong.

U.K. employment report

The latest U.K. jobs report is expected to show a decline in the unemployment rate to 6.7% in the three months to April, which would be a five year low, while a fall of 25,000 is expected in the claimant count rate. Economy watchers will also be keeping a close eye on wage growth. Weak earnings growth is one reason the Bank of England has kept monetary policy loose, despite signs that the economic recovery is gaining momentum. A strong reading would reinforce expectations for a U.K. rate hike in the early part of next year.

Japan revised Q1 GDP estimate

Investors will be looking ahead to Monday's revised estimate on Japanese first quarter GDP , amid expectations that the rate of growth could be trimmed back to 5.6% year-on-year, from the preliminary estimate of 5.9%, after data last week showed that corporate capital spending grew at a slower rate than initially believed. Strong GDP growth in the first quarter was partially down to increased spending ahead of a sales tax increase that went into effect on April 1st.

Reserve Bank of New Zealand monetary policy decision

The RBNZ is widely expected to hike interest rates by another 25 basis points to 3.25% at its rate review on Thursday. In its last rate statement the RBNZ said "the speed and extent to which the Official Cash Rate will be raised will depend on economic data and our continuing assessment of emerging inflationary pressures, including the extent to which the high exchange rate leads to lower inflationary pressure."

China consumer price inflation report

China is to release data on consumer prices on Tuesday, with consensus forecasts for a 2.4% annual increase in April, up sharply from 1.8% in April. Later in the week, the world's second-largest economy is to release data on industrial production.

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