There is little doubt that confidence has been undermined by worries about a trade war and the recent tightening of credit availability in the danced countries.
At the same time, employment hiring intentions have also slipped lower in the US, the Euro Area and the UK.
Bear in mind, by conventional measures all three large economies are close to full employment.
Moreover, U.S. hiring intentions were at a 12 year high at the end of last year according to the Manpower Group Employment Outlook Survey.
The most optimistic hiring intentions reported by employers in the latest American survey were in Transportation & Utilities (+28%), Leisure & Hospitality (+27%), Professional & Business Services (+25%) and Wholesale & Retail Trade (+24%).
Nonetheless, as a recent OECD report highlights, the weakening of hiring intentions is worrying, as the job market has been one of the brighter aspects of this recovery, and wages have only just started to improve.
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