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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
Eurozone negotiated wages for Q4 2023 came in at +4.46% Y/Y (vs +4.69% prior).
- This is the first time the growth rate declined after 5 consecutive increases, and will be seen rather favourably by the ECB, as indicated by recent comments by the likes of President Lagarde and Schnabel. A wider set of Q1 2024 wage data will be accessible to the ECB's governing council by its June meeting.
- Even if the wages developments are less of a concern, the growth rate is still nominally high, particularly in the light of weak productivity developments in the Eurozone, so Q4's slowdown in wage growth may not move the needle strongly towards earlier rate cuts.
- Conversely, the indeed.com wage tracker covering the same time period, was broadly flat in the last few months of '23, if not in a slight uptrend. For January, the tracker printed an uptick, coming in at 4.05% Y/Y (vs 3.95% prior) and 3.89% Y/Y 3MMA (vs 3.83% prior), implying some wage growth upside momentum at its highest value since five months for the less volatile 3M moving average measure.
MNI, ECB, Eurostat, indeed.com
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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