Economic Calendar – U.S. PCE, ADP And GDP Sets a Busy Macro Day

Today, we will receive several interesting macroeconomic reports from the U.S. These include the PCE inflation report, the preliminary U.S. GDP report for the first quarter of 2025, and the ADP report — the first labor market report for April. On Friday, we’ll get the next one, the NFP.

The most important report will likely be the GDP report. Forecasts expect a decline in annualized economic growth in the first quarter to +0.3% compared to 2.3% in the last quarter of 2024, along with an increase in the deflator to 3.1% q/q (previously 2.3% q/q).

Next in importance is the PCE report — the Fed’s preferred inflation measure. The report will cover data for March and is expected to show a further decline in price pressure to 2.2% y/y and 2.6% y/y for the headline and core measures, respectively.

After the session closes, we’ll also get quarterly earnings reports from Microsoft, Robinhood, and Meta.

Detailed daily calendar:

08:55 AM BST, Germany – Employment Data for April:

• German Unemployment n.s.a.: previous 2.967M;
• German Unemployment: previous 2.922M;
• German Unemployment Rate: forecast 6.3%; previous 6.3%;
• German Unemployment Change: forecast 16K; previous 26K;

09:00 AM BST, Germany – Inflation Data for April:

• Saxony CPI: previous 2.5% YoY;
• North Rhine Westphalia CPI: previous 1.9% YoY;
• North Rhine Westphalia CPI: previous 0.3% MoM;
• Hesse CPI: previous 0.4% MoM;

09:00 AM BST, Germany – GDP data:

• German GDP (Q1): forecast 0.2% QoQ; previous -0.2% QoQ;
• German GDP (Q1): forecast -0.2% YoY; previous -0.2% YoY;

09:00 AM BST, Germany – Inflation Data for April:

• Brandenburg CPI: previous 0.4% MoM;
• Brandenburg CPI: previous 2.3% YoY;
• Bavaria CPI: previous 0.3% MoM;
• Bavaria CPI: previous 2.3% YoY;
• Baden Wuerttemberg CPI: previous 2.2% YoY;
• Baden Wuerttemberg CPI: previous 0.2% MoM;
• Saxony CPI: previous 0.6% MoM;
• Hesse CPI: previous 2.4% YoY;

10:00 AM BST, Euro Zone – GDP data:

• GDP (Q1): forecast 0.2% QoQ; previous 0.2% QoQ;
• GDP (Q1): forecast 1.0% YoY; previous 1.2% YoY;

01:00 PM BST, Germany – Inflation Data for April:

• German CPI: forecast 0.3% MoM; previous 0.3% MoM;
• German CPI: forecast 2.0% YoY; previous 2.2% YoY;
• German HICP: forecast 2.1% YoY; previous 2.3% YoY;
• German HICP: forecast 0.4% MoM; previous 0.4% MoM;

01:15 PM BST, United States – Employment Data for April:

• ADP Nonfarm Employment Change: forecast 114K; previous 155K;

01:30 PM BST, United States – GDP data:

• GDP (Q1): forecast 0.2% QoQ; previous 2.4% QoQ;
• GDP Sales (Q1): previous 3.3%;
• GDP Price Index (Q1): forecast 3.1% QoQ; previous 2.3% QoQ;
• Real Consumer Spending (Q1): previous 4.0%;
• PCE Prices (Q1): previous 2.4%;

02:45 PM BST, United States – PMI Data for April:

• Chicago PMI: forecast 45.9; previous 47.6;

03:00 PM BST, United States – Inflation Data for March:

• PCE price index: forecast 0.0% MoM; previous 0.3% MoM;
• PCE Price index: forecast 2.2% YoY; previous 2.5% YoY;
• Core PCE Price Index: forecast 0.1% MoM; previous 0.4% MoM;
• Core PCE Price Index: forecast 2.6% YoY; previous 2.8% YoY;
• Personal Spending: forecast 0.6% MoM; previous 0.4% MoM;
• Personal Income: forecast 0.4% MoM; previous 0.8% MoM;
• Real Personal Consumption: previous 0.1% MoM;

The material on this page does not constitute financial advice and does not take into account your level of understanding, investment objectives, financial situation or any other specific needs. All information provided, including opinions, market research, mathematical results and technical analyzes published on the Website or transmitted To you by other means, it is provided for information purposes only and should in no way be construed as an offer or solicitation for a transaction in any financial instrument, nor should the information provided be construed as advice of a legal or financial nature on which any investment decisions you make should be based exclusively To your level of understanding, investment objectives, financial situation, or other specific needs, any decision to act on the information published on the Website or sent to you by other means is entirely at your own risk if you In doubt or unsure about your understanding of a particular product, instrument, service or transaction, you should seek professional or legal advice before trading. Investing in CFDs carries a high level of risk, as they are leveraged products and have small movements Often the market can result in much larger movements in the value of your investment, and this can work against you or in your favor. Please ensure you fully understand the risks involved, taking into account investments objectives and level of experience, before trading and, if necessary, seek independent advice.