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Wage Pressures Evidence Across EZ Feb Services PMIs

EUROZONE DATA
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Details of the French and German services PMIs suggest similar inflationary concerns to Spain and Italy, with wage demands putting upward pressure on prices.

  • We will be watchful of February's Indeed wage tracker (usually released in the 3rd week of this month) to see if the PMI trends are corroborated in actual salary postings.
  • These trends will only add to the ECB's worries r.e. Q1 '24 wage pressures, and will likely be highlighted in President Lagarde's press conference on Thursday.
  • However, ECB-dated OIS contracts remain within recent ranges (~90bps of cuts priced through 2024), with today's PMI data not changing the narrative much ahead of Thursday's ECB meeting.
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Details of the French and German services PMIs suggest similar inflationary concerns to Spain and Italy, with wage demands putting upward pressure on prices.

  • We will be watchful of February's Indeed wage tracker (usually released in the 3rd week of this month) to see if the PMI trends are corroborated in actual salary postings.
  • These trends will only add to the ECB's worries r.e. Q1 '24 wage pressures, and will likely be highlighted in President Lagarde's press conference on Thursday.
  • However, ECB-dated OIS contracts remain within recent ranges (~90bps of cuts priced through 2024), with today's PMI data not changing the narrative much ahead of Thursday's ECB meeting.