US Industrial Production Data May Show Modest Rise Amid Weakened Rate Hike Expectations

The US industrial production data for July is expected to show a modest rise of perhaps 0.3% month-on-month, according to ING Think.

This prediction comes after a recent dip in hours worked led them to be cautious in their forecast.

The Federal Reserve's interest rate hike expectations have diminished following poor jobs numbers and benign inflation prints.

In the UK, the jobs market is expected to remain fragile, with private-sector hiring weak, particularly in consumer services.

Private sector wage growth is likely to be biased lower in the near term, below the level the Bank of England views as consistent with its medium-term 2% inflation target.