Summary The pace of growth in employment costs slowed to multiyear lows in Q3. While still elevated relative to pre-pandemic readings, the trend in employment costs is clearly down. [minti_spacer...
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Charts of the Week
Charts of the Week
The messaging from this week’s raft of economic data has painted an increasingly familiar picture of the global economic scene. Headline inflation is finally easing off its highs in large part thanks to ebbing energy prices. But last year’s high levels of inflation and the global trend toward tighter monetary policy that they sparked are now exacting a heavier toll on economic activity.
Leading with a Trump
The macroeconomic implications of a new Trump administration are sparking fervent debate. Financial markets have responded to last week’s news with heightened expectations of some fiscal stimulus which could spur US growth in the near term. However, that boost may come at the cost of higher domestic inflation, more elevated public debt, and a ripple of adverse effects across the world economy. In our charts this week we illustrate some of the forces at play with some colour on:
·    Global current account imbalances
·    US financial imbalances
·    Financial market depth indicators
·    Major holders of US Treasuries
·    US Participation in Value Chains
·    Energy policy
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