US incomes soar* (*terms and conditions apply)
- Jean-Claude Juncker, one of the many EU presidents, is to give a "State of the Union" address to Parliament. "It's disintegrating" would seem to cover the basics. Comments on reform in the wake of the UK's mooted departure will be looked to.
- UK labor market data is due. It is too soon to see the impact of the EU referendum. Risk aversion creates a reluctance to hire, not a desire to fire, meaning a slow impact. There may be a trend to hiring via less secure contracts to increase flexibility in uncertain times.
- The US economic calendar offers nothing of real note (import prices are released) and the presidential election campaign is not likely to interest markets before the first presidential debate on 26 September.
- The US released median household income data showing the fastest increase in 50 years in 2015. However, issues around inflation inequality and access to credit may mean that the increase in income, and apparent decline in inequality, does not feel as good as the headline suggests.