Hourly labor costs in the euro are increased by 2.9 percent year-on-year in the third quarter of 2022, easing from the downwardly revised 3.8 percent growth in the previous period. Wages and salaries per hour worked expanded by 2.1 percent (vs 3.2 percent in Q2), and the non-wage component rose by 5.3 percent (vs 6 percent). Among economic activities, labor cost growth was the highest in services (3.4 percent), construction (2.2 percent), and industry (0.7 percent). source: EUROSTAT

Labour Costs in Euro Area averaged 100.51 points from 2009 until 2022, reaching an all time high of 119.30 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 February of 2023.

Labour Costs in Euro Area is expected to be 110.77 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 115.91 points in 2024 and 118.46 points in 2025, according to our econometric models.

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Euro Area Labour Costs



Calendar GMT Actual Previous Consensus TEForecast
2022-09-15 09:00 AM Q2 4% 4.2% 4.8%
2022-12-19 10:00 AM Q3 2.9% 3.8% 3.1%


Related Last Previous Unit Reference
Unemployment Rate 6.60 6.60 percent Dec 2022
Unemployed Persons 11048.00 11025.00 Thousand Dec 2022
Long Term Unemployment Rate 2.60 2.70 percent Sep 2022
Youth Unemployment Rate 14.80 14.80 percent Dec 2022
Labour Costs 112.40 119.20 points Sep 2022
Productivity 104.89 104.47 points Sep 2022
Wages 2031.00 2000.00 EUR/Month Jun 2022
Wage Growth 2.10 3.20 percent Sep 2022
Population 342.56 342.41 Million Dec 2021
Employment Change 0.30 0.30 percent Sep 2022
Part Time Employment 30979.70 31480.30 Thousand Sep 2022
Labor Force Participation Rate 74.90 74.70 percent Sep 2022
Full Time Employment 120744.00 119698.70 Thousand Sep 2022

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
112.40 119.20 119.30 83.40 2009 - 2022 points Quarterly
2016=100, WDA

News Stream
Euro Area Labor Costs Slow
Hourly labor costs in the euro are increased by 2.9 percent year-on-year in the third quarter of 2022, easing from the downwardly revised 3.8 percent growth in the previous period. Wages and salaries per hour worked expanded by 2.1 percent (vs 3.2 percent in Q2), and the non-wage component rose by 5.3 percent (vs 6 percent). Among economic activities, labor cost growth was the highest in services (3.4 percent), construction (2.2 percent), and industry (0.7 percent).
2022-12-19
Eurozone Labor Costs Accelerate in Q2 2022
Hourly labor costs in the euro area increased by 4.2 percent year-on-year in the second quarter of 2022, picking up from a revised 4.0 percent rise in the previous period. Wages and salaries per hour worked grew by 4.1 percent (vs. 3.7 percent in Q1), and the non-wage component rose by 3.8 percent (vs. 5.5 percent). Across economic activities, growth was the strongest in the industry (2.2 percent), construction (2.8 percent), and services (4.9 percent).
2022-09-15
Eurozone Labor Cost Growth Picks Up in Q1
Hourly labor costs in the euro area increased by 3.2 percent year-on-year in the first quarter of 2022, picking up from a 1.9 percent rise in the previous period. Wages and salaries per hour worked grew by 2.7 percent (vs 1.5 percent in Q4) and the non-wage component rose by 4.8 percent (vs 3.4 percent). Across economic activities, growth was the strongest in the services sector (4 percent vs 2.4 percent), followed by construction (3 percent vs 2.1 percent) and industry (2.6 percent vs 1.5 percent).
2022-06-16