It's a big day for global data on Wednesday, and given the UK's growing squeeze on consumer spending, the most eagerly anticipated numbers are labour market data on unemployment and average earnings.
With consumer price inflation running at 2.9% in May and April's headline average annual earning's growth at 2.1%, Bank of England hawks as well as Britain's households will be hoping for this gap to close.
While the Bank can safely maintain its accommodative monetary policy – even with inflation running well above its 2% target rate – it is cognisant of the risk that low wage growth could foster a consumer-led economic slowdown.
"[BoE governor] Mark Carney’s hawkish remarks last week almost subliminally positioned markets for a surprise," says Lukman Otunuga at FXTM.
He adds: "While raising rates may control inflation, it could impact business confidence and even pressure consumers further."
Analysts expect the unemployment rate to dip to 4.5% from April's 4.6%, while headline average earnings are forecast to remain at April's level of 2.1%.
Fed Beige Book report
Also on Wednesday the Federal Reserve publishes its Beige Book report – anecdotal information on current economic conditions in each Fed district – published eight times a year.
The previous report showed economic activity in most of the 12 districts expanded at a moderate pace during April and May despite a softening in consumer spending. Home construction and manufacturing expanded.
Labour markets continued to tighten and wage growth was reported as modest, ensuring little inflationary pressure.
Recent speeches by Fed officials have been hawkish, with most calling for the current interest rate tightening policy to continue. It seems likely therefore, that district heads will be upbeat about the outlook.
US consumer data
A welter of US data is published on Friday that will give insight into consumer behaviour and industrial output.
After a disappointing 0.3% drop in retail sales in May – the weakest in 16 months – a bounce is expected in June. May's drop was weak across the board, but lower petrol prices and a dip in auto sales drove the losses.
Analysts expect the headline month on month growth in June to be 0.2%.
Consumer sentiment, as measured by the University of Michigan, is forecast to improve – holding on the historical highs it has reached this year.
The average over the first six months is the highest since the second half of 2000. The June number is expected to hit 95.8, up from May's 95.1.
Below-target growth in consumer prices has helped drive sentiment, and although the consumer price index (CPI) is not the measure the Fed uses to measure inflation, it remains a key market indicator.
The Fed's target rate is 2% and its favoured measure – personal consumption expenditure - stood at just 1.4% in May. CPI usually comes in a little firmer and was 1.9% in May.
May's slowdown in retail sales is expected to have an easing impact on CPI and the headline annual figure for June is seen dipping to 1.8%.
US industrial data
Also on Friday, US industrial production is seen rising 0.3% in June from May's flat reading. A slight increase in capacity utilisation to 76.7% from 76.6% is also expected.
Finally for Friday, business inventories for May are forecast to rise 0.3% from April's 0.2% fall.
The best of the rest
UK house prices come under the microscope on Wednesday.
Last week's Halifax house price index showed evidence of a slowdown in price growth and this week's Royal Institution of Chartered Surveyors housing price balance could provide some much needed support.
The 17% reading in May represents the percentage of surveyors polled who reported rising prices, minus those reporting falling prices. A positive number, therefore, indicates more surveyors seeing price rises.
The earnings calendar is light until a flood of US banks report their latest interim profits on Friday.
Monday sees the UK's Spirent Communications quarterly earnings, then in the US on Tuesday, PepsiCo reports.
Wednesday brings Barnes & Noble Education and Thursday's main profit report comes from Delta Airlines.
Among the US financial institutions reporting on Friday are Citigroup, JPMorgan Chase, Wells Fargo and First Republic.