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EUROZONE: Improving employment rates but shadows from public indebtedness

The long weakness of the euro until the end of 2016 supported the exports and the slow economic growth also in the peripherals countries. The decrease of the unemployment rate, very rapid in the 1st quarter of 2017 (June ’17: 9.1%), could slow down during the rest of the year.
Spain and Germany contributed for half of the two million new jobs created in the last twelve months. The employment rate and the moderate wage dynamic (1st quarter ’17: +1.5% y/y) support the households’ purchasing power and consumption whereas the moderate and constant decrease of their gross indebtedness rate goes on (-3.6% since 2012). The productive investments registered a rebound in the 1st quarter in the main economies of the euro zone. In almost all countries affected by the 2008crisis , the indebtedness rate increased. Thanks to reduced interest rates, indebted States save on the debt services. However, the probable increase of interest rates could produce a deterioration of public finances and of the stability in the euro zone.
The inflation (July ’17: 1.3%) is under the objective of 2% fixed by the European Central Bank (ECB). The refinancing interest rate for commercial banks is at the minimum of 0%, effective since March 2016. In autumn, the ECB will decide for an eventual gradual reduction of the monthly bonds’ purchases (today 60 Mrd EUR) since January 2018. This step could sustain the euro currency, particularly against the dollar (July ‘17: 1.15 $/EUR) and the Swiss Franc.

September 2017

ECSA Chemicals AG
Burgauerstrasse 17
CH-9230 Flawil (Switzerland)
T: +41 71 394 02 30
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Via Luigi Favre 16
CH-6828 Balerna (Switzerland) 
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ECSA Maintenance AG
Burgauerstrasse 17 
CH-9230 Flawil (Switzerland)
T: +41 71 394 02 30 
F: +41 71 394 02 31

Via Luigi Favre 16 
CH-6828 Balerna (Switzerland) 
T: +41 91 695 88 00
F: +41 91 695 88 02

ECSA Energy SA
Via Luigi Favre 16 
CH-6828 Balerna (Switzerland)
T: +41 91 695 88 00
F: +41 91 695 88 05

ECSA ITALIA Srl Società
con Unico Socio
Via Lavoratori Autobianchi 1 
I-20832 Desio (MB)
T: +39 0362 625 421
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P.IVA IT00222470130

Porta Ticino Easy Stop SA
Via San Giorgio 37
CH-6877 Coldrerio
T: +41 91 640 35 50 
F: +41 91 640 35 51

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