Week ahead: BoE and US jobs report in focus
The coming week will see many records fall by the wayside, starting with the US, where the consensus expects the Department of Labor to report a 22m surge in the number of unemployed people in April.
Against that backdrop, policymakers at the Bank of England are due to announce their latest policy decision on Thursday.
No changes in Bank's main policy settings are expected this time around.
However, economists at RBC Capital think that rate-setters at the Old Lady of Threadneedle Street will unveil a £200bn increase in their quantitative easing programmes come the 18 June Monetary Policy Committee meeting.
What the BoE is expected to deliver is its first detailed assessment of what the impact of the Covid-19 pandemic on the UK economy will be.
For their part RBC are anticipating 3.2% annualised quarter-on-quarter contraction in the first quarter, followed by a 17.7% drop over the three months to June and a 7.4% drop for 2020 as a whole.
"Already, it appears that the MPC is leaning toward the recovery being ‘U’ rather than ‘V’ shaped and the risk that poses to the BoE’s ability to return inflation to target is one of the factors behind our view that the MPC will announce further stimulus measures in coming months," RBC said in a research note sent to clients.
To take note of, some forecasters are more pessimistic, projecting a 13% fall in UK GDP in 2020, or what would be its deepest recession for three centuries and public borrowing at a post World War II high, not quite a record but uncomfortably close.
Monday 04 May
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Tuesday 05 May
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Wednesday 06 May
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Friday 08 May
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