Eurozone: employment growth at its strongest since mid-2008

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).

Graph week 51

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.

 

This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Frères Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Frères Gestion SAS.