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.

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Euro Area Labour Costs


Calendar GMT Actual Previous Consensus TEForecast
2021-06-16 09:00 AM Q1 1.5% 2.8% 3.8%
2021-09-15 09:00 AM Q2 -0.1% 1.3% 3.8%


Related Last Previous Unit Reference
Unemployment Rate 7.50 7.60 percent Aug/21
Unemployed Persons 12162.00 12423.00 Thousand Aug/21
Long Term Unemployment Rate 3.20 3.20 percent Mar/21
Youth Unemployment Rate 16.50 17.20 percent Jul/21
Labour Costs 115.80 104.60 points Jun/21
Productivity 104.40 104.80 points Jun/21
Wages 1903.00 1896.00 EUR/Month Mar/21
Wage Growth -0.40 2.10 percent Jun/21
Population 342.41 341.52 Million Dec/20
Full Time Employment 116145.40 113811.30 Thousand Jun/21
Employment Change 0.70 -0.10 percent Jun/21
Part Time Employment 30912.90 30508.20 Thousand Jun/21
Labor Force Participation Rate 73.60 72.60 percent Jun/21

News Stream
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
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

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.