Hourly labor costs in the Euro Area increased 1.9 percent year-on-year in the fourth quarter of 2021, easing from a 2.3 percent advance in the previous period. Wages and salaries per hour worked grew by 1.5 percent (vs 2.2 percent in Q3) and the non-wage component rose by 3.4 percent (vs 2.6 percent). Across economic activities, growth was strongest in the services sector (2.4 percent vs 2.5 percent), followed by construction (2.1 percent vs 2.6 percent) and lastly industrial activities (1.5 percent vs 2 percent). source: EUROSTAT

Labour Costs in the Euro Area averaged 99.64 points from 2009 until 2021, reaching an all time high of 118.70 points in the fourth quarter of 2021 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 May of 2022.

Labour Costs in Euro Area is expected to be 109.41 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 124.83 points in 2023 and 127.20 points in 2024, according to our econometric models.

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Euro Area Labour Costs



Calendar GMT Actual Previous Consensus TEForecast
2021-12-16 10:00 AM Q3 2.5% -0.1% 1.2%
2022-03-18 10:00 AM Q4 1.9% 2.3% 3%


Related Last Previous Unit Reference
Unemployment Rate 6.80 6.90 percent Mar 2022
Unemployed Persons 11274.00 11350.00 Thousand Mar 2022
Long Term Unemployment Rate 3.20 3.30 percent Sep 2021
Youth Unemployment Rate 13.90 14.00 percent Mar 2022
Productivity 104.60 104.33 points Dec 2021
Labour Costs 118.70 107.50 points Dec 2021
Wages 1963.00 1900.00 EUR/Month Sep 2021
Wage Growth 1.50 2.20 percent Dec 2021
Population 342.41 341.52 Million Dec 2020
Employment Change 0.50 0.40 percent Mar 2022
Full Time Employment 117967.10 118180.50 Thousand Dec 2021
Part Time Employment 31353.60 30850.70 Thousand Dec 2021
Labor Force Participation Rate 74.50 73.60 percent Sep 2021

Euro Area Labour Costs
The Labour Cost Index in the Euro Area is a short-term indicator showing the development of hourly labour costs incurred by employers, in nominal terms, that is without adjusting for price developments. It is calculated dividing the labour cost in national currency by the number of hours worked. The quarterly changes in hourly employers’ costs are measured for total labour costs and its main components: wages and salaries; and non-wage costs (labour costs other than wages and salaries). Total labour costs (TOT) cover wage and non-wage costs less subsidies. They do not include vocational training costs or other expenditures such as recruitment costs, spending on working clothes, etc.
Actual Previous Highest Lowest Dates Unit Frequency
118.70 107.50 118.70 83.40 2009 - 2021 points Quarterly
2016=100, WDA

News Stream
Eurozone Labor Costs Growth Slows in Q4
Hourly labor costs in the Euro Area increased 1.9 percent year-on-year in the fourth quarter of 2021, easing from a 2.3 percent advance in the previous period. Wages and salaries per hour worked grew by 1.5 percent (vs 2.2 percent in Q3) and the non-wage component rose by 3.4 percent (vs 2.6 percent). Across economic activities, growth was strongest in the services sector (2.4 percent vs 2.5 percent), followed by construction (2.1 percent vs 2.6 percent) and lastly industrial activities (1.5 percent vs 2 percent).
2022-03-18
Eurozone Labour Costs Rebound in Q3
Hourly labor costs in the Euro Area rose 2.5 percent year-on-year in the third quarter of 2021, following a 0.1 percent decline in the previous three-month period. It was the steepest increase in labor costs since the fourth quarter of 2020. Upward pressure was stronger in the non-wage component (3.0 percent vs 1.2 percent in Q2) but also received support from a rebound in wages (2.3 percent vs -0.5 percent). Across economic activities, growth was strongest in the service sector (2.6 percent vs -0.6 percent), followed by construction (2.5 percent vs -0.3 percent), and lastly industrial activities (2.0 percent vs -1.6 percent).
2021-12-16
Eurozone Labor Costs Fall for First Time
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).
2021-09-15