Hourly labor costs in the Euro Area increased 1.5 percent year-on-year in the first quarter of 2021, easing from a downwardly revised 2.8 percent rise in the previous three-month period. It was the smallest increase in labour costs since the last quarter of 2016, as wages and salaries per hour worked grew by 2.2 percent while the non-wage component decreased by 0.9 percent. source: EUROSTAT

Labour Costs in the Euro Area averaged 98.73 points from 2009 until 2021, reaching an all time high of 116.40 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 July of 2021.

Labour Costs in Euro Area is expected to be 119.87 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Labour Costs in Euro Area to stand at 109.52 in 12 months time. In the long-term, the Euro Area Labour Costs is projected to trend around 125.17 points in 2022 and 127.67 points in 2023, according to our econometric models.

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Euro Area Labour Costs

Actual Previous Highest Lowest Dates Unit Frequency
104.70 116.40 116.40 83.40 2009 - 2021 points Quarterly
2016=100, WDA


Calendar GMT Actual Previous Consensus TEForecast
2020-09-15 09:00 AM Q2 4.2% 3.7% -1.2%
2020-12-16 10:00 AM Q3 1.6% 3.6% 2.8%
2021-03-18 10:00 AM Q4 3% 1.6% 2%
2021-06-16 09:00 AM Q1 1.5% 2.8% 3.8%
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News Stream
Eurozone Labor Costs Growth Slows in Q1
Hourly labor costs in the Euro Area increased 1.5 percent year-on-year in the first quarter of 2021, easing from a downwardly revised 2.8 percent rise in the previous three-month period. It was the smallest increase in labour costs since the last quarter of 2016, as wages and salaries per hour worked grew by 2.2 percent while the non-wage component decreased by 0.9 percent.
2021-06-16
Eurozone Labor Costs Rise at Faster Pace
Hourly labor costs in the Euro Area advanced 3.0 percent year-on-year in the fourth quarter of 2020, following an increase of 1.6 percent in the previous three-month period. Wages and salaries per hour worked grew by 3.5 percent and the non-wage component rose by 1.5 percent.
2021-03-18
Eurozone Labor Costs Growth Slows in Q3
Hourly labour costs in the Euro Area increased 1.6 percent year-on-year in the third quarter of 2020, following a downwardly revised 3.6 percent increase in the previous three-month period. Wages and salaries per hour worked grew by 2.2 percent and the non-wage component dropped by 0.4 percent.
2020-12-16
Eurozone Labour Costs Rise at New Record High
Hourly labour costs in the Euro Area increased 4.2 percent year-on-year in the second quarter of 2020, following an upwardly revised 3.7 percent increase in the previous quarter. It is the biggest increase in labour costs since at least 2009 as COVID-19 containment measures began to be widely introduced by Member States, leading to business and store closures. The cost of wages & salaries per hour worked grew by 5.2 percent and the non-wage component grew by 0.8 percent. By sector, hourly labour costs rose by 4.4 percent in services, 3.8 percent in industry and 2.8 percent in construction.
2020-09-15

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.