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Unemployment at Fresh Record Low

EUROZONE DATA
MNI (London)

EUROZONE OCT UNEMPLOYMENT 6.5% (FCST 6.6%); SEP 6.6%

  • Euro area unemployment edged down 0.1pp to 6.5% in October, a fresh euro-era low.
  • This data adds confidence to the ECB's hiking cycle.
  • Although a 50bp is now the more likely December outcome (due to the downside surprise in November inflation data), this employment print underscores that the labour market remains tight and robust, despite warning bells of a eurozone winter recession.
  • Yet more recent PMI data has flagged slowing hiring across the bloc, implying that the unemployment rate will likely only touch this fresh low fleetingly.

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EUROZONE OCT UNEMPLOYMENT 6.5% (FCST 6.6%); SEP 6.6%

  • Euro area unemployment edged down 0.1pp to 6.5% in October, a fresh euro-era low.
  • This data adds confidence to the ECB's hiking cycle.
  • Although a 50bp is now the more likely December outcome (due to the downside surprise in November inflation data), this employment print underscores that the labour market remains tight and robust, despite warning bells of a eurozone winter recession.
  • Yet more recent PMI data has flagged slowing hiring across the bloc, implying that the unemployment rate will likely only touch this fresh low fleetingly.