UBS: Jobs growth set to tumble

Via George Theranou at UBS:

UBS Labour Demand Index at ~6-yr low, indicating jobs ~halving to ~1¼% y/y July ANZ job ads bounced 0.8% m/m, but are still down 9.1% y/y; and the PMI alleconomy employment component slumped to 44.4. Hence, the UBS Labour Demand Index is near a 6-year low, implying jobs growth ~halving to ~1¼% y/y ahead.

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