Eurozone: Constructive economic data - BBH
|The economic data from the Eurozone are constructive today, but that has not stood in the way of an extension of the euro's losses, explains the research team at BBH.
Key Quotes
“The eurozone reported November unemployment slipped to 8.7% from 8.8%. It stood at 9.8% in November 2016. Many economists are forecasting that the unemployment rate will fall to 8.0% by the end of the year.”
“Separately, Germany reported November industrial output jumped 3.4%, nearly twice what the market expected. This lifted the year-over-year rate to 5.6% from a revised 2.8%. It is the strongest reading in six years. The output of investment goods rose 5.7%, while consumer goods production rose 3.6%. Perhaps tying both of the news items together is that Germany’s IG Metall union (representing 3.9 mln workers) will begin negotiations today, seeking a 6% pay increase and more flexible hours.”
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