Report
Euro zone: A cycle linked to wage formation?
We believe a cyclical slowdown linked to wage formation can be observed in the euro zone: The degree of nominal wage indexation to prices is low: any increase in inflation, in particular due to oil prices, reduce s real wages and therefore household demand; The degree of sensitivity of nominal wage growth to the unemployment rate is low or even zero: household demand is not being sustained by faster wage growth in the second half of the expansion cycle, unlike in the past.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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