CHART OF THE WEEK
In a week when the news was dominated by the Federal Reserve (see our publication “Drama avoided, mission accomplished”, published December 17th, 2015), Eurozone employment statistics for the third-quarter were published. They indicate a continuing recovery, with annual growth of +1.3%, which represents 1.6 million job creations, according to seasonally and working days adjusted data (+1.1% unadjusted).
OUR ANALYSIS
We have observed a dynamic employment market in the countries worst-hit by the 2011–2013 recession, particularly in Spain, Greece (despite the complex political backdrop of the last 12 months) and Ireland. In these three countries, employment rose by over 3.0%, representing 912,000 job creations. This dynamic employment market should continue to buoy domestic demand and in particular car purchases which, according to November’s figures, increased by 11% year-on-year.
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