The Eurozone’s annual rate of wage increases rose to 4.7 percent in 2023’s third quarter, the fastest pace in the common currency’s 25-year history, the Financial Times reported.
Ireland’s factory output sank 0.7 percent in October, more than twice the 0.3-percent decline analysts had forecast.
In advanced economies, business failures are climbing at a double-digit rate compared to last year as governments’ $10-trillion COVID-era support programs end and central banks’ high interest rates continue, the Financial Times reported.
Eurozone real estate companies are seeing mounting losses amid high interest rates, inflated operating costs, falling property values, and a weak rental market, the European Central Bank (ECB) reported.
As we had forecast when the European Central Bank began raising interest rates in July 2022, the EU would sink into recession. The Eurozone’s economy contracted by 0.1 percent in this year’s third quarter.
Europe’s economy appears to be poised to enter a technical recession, defined as two consecutive quarters of shrinkage. The region’s GDP shrank by 0.1 percent in the third quarter and is widely expected to contract again in this year’s final three months.
In September, 69,000 workers lost their jobs in the 20-nation Eurozone, nudging the jobless rate to 6.5 percent. More than 11 million people across the region are now out of work, 165,000 more than a year earlier, the Financial Times reported.
The Eurozone’s economy probably contracted in this year’s third quarter, according to the Hamburg Commercial Bank’s newest composite purchasing managers index (PMI).
The 20-country Eurozone’s economy contracted in this year’s third quarter, according to a purchasing managers index (PMI) compiled by S&P Global for the Hamburg Commercial Bank (HBOC).
In September, inflation among the 20-nation Eurozone fell to an annual rate of 4.3 percent, its slowest in two years, and beat analysts’ forecasts of 4.5 percent.