Many knowledge workers are in for a hard time http://t.co/uuVt2cwFZQ
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Roubini Topic Archive: France
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European Daily Catch: Know Your Consumers
Today’s European Daily Catch compares the aggregate implications of the reported January 1-point rise in French household confidence to the reported January stabilization of Italian consumer confidence. Specifically, French consumers could be ‘happier’ but that doesn’t necessarily mean they’re spending more, while Italian household confidence translates rather directly to aggregate spending patterns. Domestic demand is a large contributor to GDP growth [...]
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Crib Notes for G7 Unemployment Rates
Unemployment rates across the G7 illustrate a broad-based labor recovery. Fantastic – now let’s get to the underlying stories.
(Note: The US is the first to release the June 2010 figures. All other unemployment rates, except for the UK, are current as of May 2010.)
Germany, France, and Italy: Germany’s labor market is ostensibly improving, as the unemployment rate continues its descent. However, don’t be fooled by these statistics: the German government is subsidizing firms to drop hours in lieu of outright layoffs.
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The End Game for Europe: Wage Cutting and the Battle for Exports
Yesterday I argued that Latvia’s cost-cutting efforts are evident compared to a cross-section of European Union countries. Latvia’s efforts, while commendable, were very much a function of the emergency IMF loan in December 2008 and the ensuing recession in 2009. But I now see a very scary trend emerging across Europe, the fight for exports.
