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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EUROZONE DATA
The recent trend of the Indeed wage tracker suggests that the softening of Eurozone wage pressures has begun to stall. This will contribute to continued sluggishness in services disinflation in the months ahead.
- Eurozone wage growth slowed slightly, to 3.8% Y/Y in July (vs 3.9% prior), according to the latest Indeed wage tracker (released last Friday). The 3mma of the Y/Y rate rose to 3.7%, from 3.6% in June and 3.5% in May. The recent trend of the 3mma series shows wage growth seemingly bottoming out around 3.5%. For context, the series oscillated between 2-3% Y/Y before the pandemic.
- The Indeed wage tracker should roughly lead backward-looking metrics such as negotiated wages (the ECB’s Q2 data is due on Thursday) and compensation per employee (Q2 data due on September 6 with the full national accounts).
- Thus, although Indeed wages failed to moderate materially through Q2, the overall downward trajectory since late-2022 should enable further moderations in those series from current levels of closer to 5% Y/Y.
- The July Indeed tracker was calculated based on 122k observations, the lowest since December 2021, save for a 119k sample in December 2023.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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