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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.
ITALY DATA
Looking at the Italian Q4 2023 GDP deflator components in more detail:
- Real productivity remains below the pre-covid trend after falling -0.7% Q/Q in Q4. Taken alongside a +1.2% Q/Q rise in total compensation and a 0.9% Q/Q rise in hours worked, ULCs rose +1.1% Q/Q.
- On an annual basis, ULCs moderated to +2.9% Y/Y (vs +4.3% in Q3), aided largely by a fall in total compensation to +3.6% Y/Y (vs +3.8% prior), even as productivity was -1.7% lower Y/Y.
- This helped the GDP deflator moderate to +4.0% Y/Y (vs 5.8% prior), with ULCs contributing 1.17pp (vs 1.73pp prior) and unit profits 1.78pp (vs 2.89pp).
- The larger fall in unit profits' contribution to the deflator vs ULCs' suggests firms used profits to buffer rises in wage costs in Q4.
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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