The UK reports on the health of its labour market in May. Employment growth in April was weaker than in the first quarter, but overall the picture was positive. The unemployment rate remained unchanged at 3.8% in April – the lowest since 1974 – and is unlikely to have changed much in May. Wage inflation has also been above 3% since last September (on measures that include and exclude bonuses). While labour-market surveys have been mixed, on balance they suggest there will be some moderation in employment growth going forward. Across the Channel, the eurozone releases data on trade activity in May. The bloc is still running a positive trade balance, but the surplus has shrunk in recent months – it was €15.3bn in April, compared to a monthly average of €16.2bn last year and €20bn in 2017. Elsewhere, the US will report retail sales. Consensus estimates expect core control retail sales (a direct input for the consumption of goods in GDP) to rise by 0.3% month-on-month in June, slightly lower than the 0.4% growth recorded the month before. This suggests there will be annualised growth of 5.7% in Q2, up from 4.1% in the first three months of the year. The fundamentals underpinning consumption are still solid (particularly the labour market). This means that consumption should make a decent contribution to growth in the second quarter. Separately, US industrial production is expected to rise by 0.1% month-on-month in June, following a 0.4% gain in May. Manufacturing output is also expected to increase by 0.2% month-on-month, unchanged from the month before. But surveys suggest that manufacturing activity has been trending downwards: both the Markit and ISM PMIs have fallen sharply in recent months, reflecting trade-related uncertainty and slow external demand. Both indexes suggest that the US manufacturing sector is stagnating. In Argentina, CPI is likely to remain at elevated levels in June, a reflection of the peso’s 20% depreciation against the dollar in the first half of the year. In May, inflation increased to 57.3%, up from 55.8% the month before. In the US, the president of the Atlanta Federal Reserve, Raphael Bostic, will moderate the ‘Fed Listens’ event in Augusta, Georgia. These events are part of the Federal Reserve’s (Fed's) ongoing review of its strategy and tools and are an attempt to involve the public through town-hall style consultations. The review could result in a strategy adjustment, which would be announced in the first half of next year. Meanwhile, Mark Carney, the Governor of the Bank of England, will be a panellist at an event in Paris that marks the 75th anniversary of the Bretton Woods conference.