Week Ahead

Latest edition · August 28, 2026

WA36 260828

SEB previews the week of August 31 to September 6, 2026, highlighting US labour market data (non-farm payrolls, JOLTS, ISM) and the Euro area August flash HICP inflation release. Policy decisions from the RBNZ and Bank of Canada, as well as Nordic manufacturing PMIs and Norwegian housing data, will also be in focus.

For the week of August 31 to September 6, 2026, SEB expects US non-farm payrolls to recover slightly to 40k after July's decline, with the unemployment rate steady at 4.1%, signalling subdued job creation that will not add to inflationary pressures. Euro area headline HICP inflation is projected to rise to 3.4% y/y due to energy price increases, with core remaining at 2.5%. On the central banking front, the RBNZ is forecast to hike rates by 25 bps to 2.75%, while the Bank of Canada is anticipated to keep rates unchanged at 2.25% by prioritizing trade-related growth drags over tariff inflation.

Key takeaways from the latest edition

• 1.US non-farm payrolls are forecast to bounce back slightly to 40k in August after a surprise decline in July, but hiring remains subdued and is not generating inflation pressure.
• 2.Euro area flash headline HICP is expected to pick up to 3.4% y/y in August driven by higher energy prices, while core inflation is forecast to hold steady at 2.5% y/y.
• 3.The RBNZ is expected to hike its official cash rate by 25 bps to 2.75%, while the Bank of Canada is anticipated to hold its policy rate at 2.25% by looking through tariff-induced price pressures.

What this series covers

• US labour market and euro area inflation in focus
• Forecasts & publications
• Key Economic Indicators & Events: 31 Aug – 6 Sep, 2026
• NOR: Norges Bank's FX purchases (Sep)
• SWE: PMI manufacturing (Jul)
• Euro area: HICP, flash estimate (Aug)
• US: ISM manufacturing (Aug)
• US: JOLTS (July)
• NZD: RBNZ official cash rate decision
• CAN: Bank of Canada rate decision
• NOR: Existing home prices (Aug)
• US: ISM services (Aug)
• US: Nonfarm payrolls (Aug)
• Disclaimer

Edition archive

• WA36 260828

  August 28, 2026

• WA26

  June 18, 2026

• WA24

  June 6, 2026

• WA22

  May 25, 2026

• WA20

  May 10, 2026