Labor cost growth in euro area accelerates to 2.2%

Economy 9/14/2018, 11:14 AM
Labor cost growth in euro area accelerates to 2.2%

Both salaries and nonwage expenses expanded the pace of annual increase in the Eurozone in the second quarter, Eurostat said on Friday. The index of labor costs advanced 2.2%, the most since the fourth quarter of 2012, with the two components up 1.9% and 2.9%, respectively. All three inflation measures accelerated by 0.1 percentage points each, though the headline for the three months through March was revised 0.1 points higher.

The European Union registered a decline in the pace by 0.2 points from the first quarter to 2.6%, but with an upward revision of 0.1 points. Both items had annual gains of 2.6%, after the previous 2.7% for hourly pay and 3.1% in other labor costs – employers' social contributions and some employment taxes, less subsidies.

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