Report
Why is it that, even with zero growth, the euro zone is showing neither insufficient demand nor rising unemployment?
Year-on-year growth in the euro zone was more or less zero in 2023. As a result, we would expect to see a return to insufficient demand and a rise in the unemployment rate. However, neither is being observed. Why? The explanation is simple: labour productivity fell in the euro zone in 2023 , with the result that: Potential growth is only slightly higher than actual growth; Employment continues to grow, preventing unemployment from rising.
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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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