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Free AccessFlash PMIs Imply Onset of Cooling Labour Demand
Despite deteriorating demand and slowing output, employment indicators remained robust underpinned by service sector employment. However, Germany, the euro area aggregate and the UK signalled the onset of a cooling labour market.
- Slowing hires reflect uncertainty about persistent inflation and the health of the greater economy. A robust labour market is a key supporting factor for resilience against large rate hikes.
- Germany saw employment growth slow to a February 2021 Omicron low.
- The eurozone aggregate experienced largely unchanged employment growth, remaining subdued at the August 17-month slowdown.
- The UK again saw solid employment growth expansion, however, the pace was also in line with 17-month lows of August. Strength was underpinned by the services sector and labour shortages were cited.
- France was a key outlier, recording strong employment growth as job creation rates were the highest in three months. A disparity between service and manufacturing job growth was highlighted, the latter being substantially softer.
- The September flash PMIs were another difficult set of data for central bankers, underlining growth slowing sharply but price pressures picking up again.
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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.