Eurozone: Economic momentum may have peaked - BBH

Surveys and sentiment indicators in the euro area warn that economic momentum may have peaked, and one exception to a string of mostly softer than expected reports was the February German employment data released today, according to analysts at BBH.  

Key Quotes

“Unemployment fell more than expected, with the unemployment queues shrinking by 22k instead of the 22k the median in the Bloomberg survey expected.  Unemployment fell by an average of almost 16k a month in 2017.   The three-month average now stands at a -25.3k, the most since April 2011.”

“Eurozone price pressures remain steady.  Today the preliminary estimate of February CPI was reported at 1.2%, in line with expectations, down from 1.3% in January.  Last February headline eurozone inflation reached 2.0%.  The core rate was steady at 1.0%.  It was steady at 0.9% throughout Q4 17, which is also where it was in February 2017.  Progress?”