Eurozone: a record misery index. The situation in the eurozone deteriorated further during the summer: the unemployment rate hit a record 11.4% in August, while inflation increased from 2.4% yoy to 2.6% yoy, pushing the eurozone misery index to a record high (14%). With an unfortunately dark employment outlook, the index is unlikely to reverse course sharply anytime soon. This will force the ECB to keep an ultra-accommodative stance for some time to come.
US misery index: keep a close eye. The decrease (from 8.3% to 8.1%) in the unemployment rate in August was not enough to offset the increase (from 1.4% yoy to 1.7% yoy) in the inflation rate. As a result, the US misery index has increased slightly.