Interest rate reports from the USA and economic temperature gauge in Europe are among the things to look forward to this week. In addition, we get “Super Thursday” under the auspices of the Norwegian Broadcasting Corporation.
Next week will be largely characterized by macroeconomic data from home and abroad, and on Thursday a number of figures will arrive from Statistics Norway (SSB).
They all have the potential to be important to us, says Kerry Knudsen, chief economist at Sparebank 1 SR-Bank.
– They will also be able to influence how the Norwegian Bank views a potential interest rate hike in December, he says.
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Statistics Norway presents figures on Norway’s third-quarter GDP, labor force survey, goods consumption index and debt growth.
Then we will know what happens with consumers, unemployment, banks, and in general how the Norwegian economy is doing, according to Knudsen.
-I’m very excited about job growth in Norway. I expect the number of jobs to remain fairly stable, but at the same time there is significant uncertainty in some companies and industries. He says it will now be important to look at the details of the numbers presented.
– Recession among companies
On the same day, we will also get details on how things are going from the Purchasing Manager in Europe.
– There is a recession among companies in Europe. In industry, we see there is a fairly sharp decline, with increasing costs, declining demand and challenges in global trade, he says.
In recent months, service companies have also been on the downside, and in the previous survey there were signs of headcount cuts, according to Knudsen.
– If this continues, and we see further negative development on Thursday, it could lead to increased unemployment and greater challenges for consumers in Europe, says the chief economist.
The tension is related to the Fed report
The US central bank, the Federal Reserve, unveils the minutes of its previous interest rate meeting on Tuesday.
How they comment on interest rate expectations and their outlook on inflation will have an immediate impact on US interest rates, believes Knudsen of Sparebank 1 SR-Bank.
– It seems that the United States is at peak interest rates, but the central bank governor is still afraid of inflation. Therefore, there is great tension associated with every word coming from the US central bank, says Knudsen at Sberbank.
– He says that the risk of inflation has not passed yet and there is still great tension in the market regarding future developments.
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