16June2025

Economics

EurozonelabourmarketEurozone

Willitcrack?

◆Theeurozonelabourmarketcontinuestoshowresilience…

FabioBalboni

SeniorEconomist,Eurozone

◆…andifitdidn’tcrackin2023–thetoughesttest–itseemsHSBCBankplc

fabio.balboni@

unlikelyitwilldosonow,whichisimportantfortheECB+442079920374

ChrisHare

◆ProductivitygainsandcheaperinvestmentcouldstillpushSeniorEconomist,Eurozone,UKandIreland

HSBCBankplc

unemploymentupabit,though,andplentyofrisksremainchris.hare@

+442079912995

Slowing,butnotfallingoffacliff

Weanalysedtheeurozonelabourmarketatthestartof2025(seeDefyinggravity,

27Jan),concludingthatweexpectedtheresiliencetocontinue,buttheunemployment

ratetograduallyriseoverthisyearandnext.Halfayearlater,notonlyhastheresilience

continued,butthee