After two months of decline, job offers in the US have risen again in May, positioning themselves above the threshold of 8 million; but in the private sector they continue to fall. Meanwhile, the governor of the FED has spoken of signs of disinflation for the US economy. In the Eurozone inflation still falls in June, but data on prices of services remains high.
Eurozone inflation in line with expectations in June. As anticipated by data from France, Spain and Germany, inflation in the Eurozone began to fall again in June, in line with market expectations. The annual variation fell to 2.5% from 2.6% the previous month; prices of the most volatile components fell while inflation on services remained stable and still quite high (+4.1%). Core inflation, in fact, remained unchanged compared to the previous month at +2.9%, while expectations were for a decrease of one tenth. These are data that, read together with the latest numbers on the labor market (unemployment stable at 6.4%), make the latest statements by Governor Lagarde seem reasonable regarding the need for the ECB to have further evidence of the downward trend in prices in the Eurozone.
USA, job offers rise again in May. After two months of decline, in May job offers in the US rose above the 8 million threshold, beating market expectations that expected a further slight decline compared to April. But the data must be read in depth. Job offers from the public administration increased, while those from the private sector overall fell further (+97 thousand manufacturing, -147 thousand services). The number of voluntary exits rose in May, with a quit rate that remained at 2.2% for the seventh consecutive month. Numbers that therefore do not seem to be in conflict with the words of the governor of the FED, J Powell, who today spoke of signs of a resumption of the disinflationary trend for the US economy.
