Europe Economics Weekly France’s improving labour market There is no sign yet that the remarkable improvement in France’s labour market is going into reverse. But we suspect it will do later this year as monetary policy tightening takes effect. Meanwhile... 12th May 2023 · 6 mins read
Japan Chart Pack Bank of Japan kicking the can down the road Governor Ueda presided over his first policy meeting late last month and opted to keep all monetary policy settings, including Yield Curve Control (YCC), completely unchanged. To be sure, Mr Ueda also... 11th May 2023 · 11 mins read
Japan Data Response Japan Economy Watchers Survey (Apr. 2023) The further rise in both the current and outlook readings point to continued upward momentum in services spending this quarter. Meanwhile, manufacturing conditions fell slightly but remained robust... 11th May 2023 · 2 mins read
Japan Data Response Japan Labour Cash Earnings (Mar. 2023) Wage growth held steady in March from February, as a further slowdown in regular and overtime pay growth was offset by a decent increase in volatile payments. We still see further scope for wage... 9th May 2023 · 2 mins read
Europe Chart Pack Core inflation too high for ECB to stop hiking April’s inflation data provided little sign that underlying price pressures are easing. Admittedly, the core rate edged down from 5.7% y/y in March to 5.6%, which was the first decline in 15 months... 5th May 2023 · 10 mins read
US Data Response Employment Report (Apr.) The 253,000 gain in non-farm payrolls in April suggests that the labour market remains resilient despite the banking sector turmoil and broader signs of an economic slowdown. That said, the stronger... 5th May 2023 · 2 mins read
Canada Data Response Labour Force Survey (Apr.) The decline in full-time positions in April means that the large rise in total employment was weaker than it looks. Hours worked only crept up during the LFS reference week and, given the public... 5th May 2023 · 3 mins read
Australia & New Zealand Economics Weekly Wage growth has yet to peak Pay hikes under Australia's private-sector enterprise bargaining agreements have gained traction. Although annualised wage growth will climb higher over the course of the year, we still expect a... 5th May 2023 · 4 mins read
Japan Economics Weekly Wage growth set to moderate as labour market cools The Bank of Japan thinks that more pronounced labour shortages at smaller firms will prompt them to eventually catch up with bigger firms by granting larger pay hikes. However, with the labour market... 5th May 2023 · 5 mins read
Long Run Update Can ageing countries keep their workforces growing? In theory, there is plenty of scope for those countries set to age most rapidly over the coming few decades to cushion the impact on their workforces via migration and a rise in both female and older... 4th May 2023 · 5 mins read
Japan Economics Update Wage growth stronger than official figures suggest The slowdown in regular earnings at the start of the year largely reflects sampling changes, with an unchanged sample of firms reporting continued strong wage growth. However, with inflation set to... 4th May 2023 · 2 mins read
Canada Economics Update Labour market conditions easing Although the unemployment rate remains near a record low, the decline in vacancies suggests that labour market conditions have nevertheless eased, supporting our view that wage growth is close to a... 3rd May 2023 · 2 mins read
Europe Data Response EZ Unemployment (Mar.) The euro-zone unemployment rate fell slightly in March and looks set to stay low in the coming months amid evidence that hiring intentions have increased. Even if the labour market softens further... 3rd May 2023 · 2 mins read
