Significant Changes in the Labour Markets assess trends in consensus forecasts for wage variables and unemployment in six of the major economies surveyed. We also look at how wage and unemployment trends are shaping up for 2015. US labour market expectations have improved markedly since the Federal Reserve started tapering monetary stimulus measures in December2013. Higher wages alongside reduced unemployment should see consumer spending drive activity in 2015. Unemployment rate forecasts for the Euro zone have also drifted lower in recent months, although crippling joblessness - particularly amongst 15-24 year olds - remains a major structural challenge forthe region. Indeed, the unemployment rate is expected to stand at 11.8% next year, while wage growth barely outstrips muted 1.4% inflation forecast.
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