Hourly labor costs in the Euro Area rose by 5.7 percent year-on-year in the fourth quarter of 2022, accelerating from an upwardly revised 3.7 percent increase in the previous period. Wages and salaries per hour worked expanded by 5.1 percent (vs 3 percent in Q3) and the non-wage component rose by 7.7 percent (vs 5.9 percent), Among economic activities, labor cost growth was the highest in construction (6.9 percent), followed by services (6.2 percent) and industry (4.4 percent). source: EUROSTAT

Labour Costs in Euro Area averaged 100.99 points from 2009 until 2022, reaching an all time high of 126.30 points in the fourth quarter of 2022 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 June of 2023.

Labour Costs in Euro Area is expected to be 122.00 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 130.25 points in 2024 and 133.11 points in 2025, according to our econometric models.

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Euro Area Labour Costs



Calendar GMT Actual Previous Consensus TEForecast
2022-12-19 10:00 AM Q3 2.9% 3.8% 3.1%
2023-03-17 10:00 AM Q4 5.7% 3.7% 3.5%


Related Last Previous Unit Reference
Unemployment Rate 6.50 6.60 percent Apr 2023
Unemployed Persons 10973.00 11005.00 Thousand Apr 2023
Long Term Unemployment Rate 2.50 2.60 percent Dec 2022
Youth Unemployment Rate 13.90 14.00 percent Apr 2023
Labour Costs 126.30 113.40 points Dec 2022
Productivity 104.59 105.09 points Dec 2022
Wages 2066.00 2036.00 EUR/Month Dec 2022
Wage Growth 5.10 3.00 percent Dec 2022
Population 342.89 342.56 Million Dec 2022
Employment Change 0.60 0.30 percent Mar 2023
Labor Force Participation Rate 74.70 74.80 percent Dec 2022
Full Time Employment 120744.00 119698.70 Thousand Sep 2022
Part Time Employment 30979.70 31480.30 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
126.30 113.40 126.30 83.40 2009 - 2022 points Quarterly
2016=100, WDA

News Stream
Eurozone Labor Costs Rise at Faster Pace
Hourly labor costs in the Euro Area rose by 5.7 percent year-on-year in the fourth quarter of 2022, accelerating from an upwardly revised 3.7 percent increase in the previous period. Wages and salaries per hour worked expanded by 5.1 percent (vs 3 percent in Q3) and the non-wage component rose by 7.7 percent (vs 5.9 percent), Among economic activities, labor cost growth was the highest in construction (6.9 percent), followed by services (6.2 percent) and industry (4.4 percent).
2023-03-17
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