Significant Changes in the Labour Markets assess trends in consensus forecasts for wage variables and unemployment in six of the major economies surveyed. As the charts illustrate, the US and Europe appear to be at different stages on the economic cycle. The US chart paints a picture of gradually improving labour market fundamentals. Joblessness remains a pressing issue on the presidential campaign trail, despite the unemployment rate already starting to fall. Interestingly, so have forecasts for 2012 employment costs, although those for 2013 have picked up to 2.1 % this month as a corresponding improvement in hiring is likely to support wages next year.
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