Report
Is the labour market normalising in the United States and the euro zone?
A labour market normalisation is needed if inflation is to decline in the long term. For such a normalisation to occur, recruitment difficulties , the ratio of job vacancies to job seekers and quit rates would all have to return to normal . We look at these different variables in the case of the United States and the euro zone. We find that: In the United States, labour market tightness has returned to normal (to its pre-2020 state); In the euro zone, the labour market remains very tight. This explains why wages and unit labour costs are growing much faster in the euro zone than in the United States.
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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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