Eurozone Q3 employment flat at 0.0% QoQ, down from 0.1%

A flat employment print strips away the last bit of labour-market momentum in the currency bloc, and that matters for the rate debate: hiring has stalled even as the ECB weighs its next move. The read-through is broadest for domestically exposed sectors and for households whose spending depends on a firm job picture. Whether this zero print is a one-quarter pause or the start of a softer trend in euro-area labour demand is the open question, with the revised breakdown the next thing worth watching.