TERADAT SANTIVIVUT Global jobs growth remained muted in August, according to PMI survey data. Job gains were largely limited to the emerging markets, where jobs growth hit a 12-year-high. Developed world job growth, in contrast, slowed to near-stagnation. Employment growth has cooled especially sharply in the US and Europe in recent months, having enjoyed a revival earlier in the year amid resurgent demand for services. However, an increasingly steep rate of order book decline recorded across the developed world hints at labour markets continuing to lose further strength in the months ahead. While adverse for economic growth prospects, the cooling labour markets are good news in the
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