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Q3 Employment Growth Cools

EUROZONE DATA
MNI (London)

EUROZONE 2022Q3 2ND FLASH +0.2% Q/Q; +2.1% Y/Y (= FLASH)

EUROZONE 2022Q3 EMPLOYMENT +0.2% Q/Q; Q2 +0.4% Q/Q

  • Eurozone Q3 GDP remained unchanged in the second estimate, expanding by a modest +0.2% q/q and up by +2.1% y/y.
  • Italy and Denmark (+0.5% q/q) and Germany (+0.3% q/q) were key upwards drivers for the aggregate print.
  • Q3 employment growth remained positive, albeit slowing to +0.2% q/q from +0.4% in Q2. Employment is anticipated to slow into year-end, as weakening growth outlooks see firms pause hiring in order to adjust to lower demand projections.

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