Hourly labor costs in the Euro Area inched 0.1 percent lower year-on-year in the June quarter of 2021, following a downwardly revised 1.3 percent rise in the previous three-month period. It was the first decrease in labour costs in the series’ records, amid strong base year effects due to a record surge in the same period last year, when Member States imposed lockdowns. Downward pressure came exclusively from wages (-0.4 percent vs 2.1 percent in Q1), while the non-wage component made a slight rebound (0.8 percent vs -1.1 percent). Across economic activities, the largest downfall was recorded in accommodation and food services (-4.5 percent vs 5.7 percent), followed by transportation and storage (-1.8 percent vs 0.5 percent). source: EUROSTAT
Labour Costs in the Euro Area averaged 99.10 points from 2009 until 2021, reaching an all time high of 116.60 points in the fourth quarter of 2020 and a record low of 83.40 points in the first quarter of 2009. This page provides the latest reported value for - Euro Area Labour Costs - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Euro Area Labour Costs - data, historical chart, forecasts and calendar of releases - was last updated on October of 2021.
Labour Costs in Euro Area is expected to be 107.63 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Euro Area Labour Costs is projected to trend around 125.38 points in 2022 and 127.89 points in 2023, according to our econometric models.