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Key economies to see declining labour markets: GlobalData

Employment trends are expected to weaken for most countries as the pandemic continues to drive down demand for labour, GlobalData warns.

According to findings from the business information group’s new proprietary employment indicator, countries such as Australia, Germany and Italy will experience market declines, while employment trends will be more stable in Japan and Russia, and there will be some improvement in Sweden.

Adarsh Jain, Director of Financial Markets at GlobalData, comments: “The weakening employment trend is driven by weakening corporate demand for labour as overhang from pandemic related end-demand suppression continues to work through the system.”

He pointed out that the group’s prediction of weakening labour market trends in the US and Canada had been borne out by the latest official US figures showing employment numbers had declined by 140,000 – the first decline in eight months and against consensus expectation of more than 50,000 job gains. Similarly, Canada experienced a 63,000 decline in jobs – the first decline since April 2020.

GlobalData’s jobs dataset provides a proxy for the hiring intentions of companies, which, when aggregated, provides a picture for economy-wide hiring intentions and a tool for identifying emergent trends early.

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