The US December jobs report is set to be the key macroeconomic event next week, with markets also monitoring several secondary US indicators, including ISM surveys and consumer sentiment data. Beyond the US, investors’ attention will shift to inflation releases in Europe and China, while wage data in Japan is expected to provide further insight into global price and policy dynamics, according to Deutsche Bank economists.
US labour market data to dominate market attention
In the United States, the December Nonfarm Payrolls report, due on Friday, is expected to be the main driver of market volatility. Deutsche Bank’s economists forecast job growth of around 50,000, down from 64,000 in November.
The unemployment rate is seen edging lower to 4.5% from 4.6%, while average hourly earnings growth is projected to accelerate to 0.3% month-on-month, compared with 0.1% previously.
Additional labour market indicators will be released earlier in the week, including the ADP employment report and the JOLTS job openings data, both scheduled for Wednesday. Investors will also follow the ISM manufacturing and services indices, with Deutsche Bank forecasting readings of 48.8 and 52.1, respectively.
Other notable US releases include the University of Michigan consumer sentiment survey on Friday, expected to improve to 54.0 from 52.9 in December, and third-quarter unit labour costs, due on Thursday.
Europe and China inflation data in focus
In Europe, attention will turn to preliminary December consumer price index (CPI) figures across the Eurozone. Germany and France are set to publish their inflation data on Tuesday, followed by the Eurozone-wide CPI report on Wednesday.
Inflation readings are also scheduled in several non-euro economies, including Switzerland, Sweden and Norway, offering a broader view of price pressures across the region.
In Germany, additional economic indicators will be released later in the week, with factory orders due on Thursday and industrial production and trade balance figures scheduled for Friday.
Outside Europe, inflation data from China and wage figures from Japan will also be closely watched, as markets assess the global inflation outlook and its implications for monetary policy expectations in early 2026.
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