Hourly labour costs in the Euro Area increased 2.6 percent year-on-year in the third quarter of 2019, following an upwardly revised 2.8 percent growth in the previous three-month period. Wages & salaries went up 2.6 percent (vs 2.8 percent in Q2) and non-wage costs rose 2.6 percent (vs 2.9 percent in Q2). By economic activity, hourly labour costs advanced by 2.9 percent in industry, by 2.3 percent in construction, by 2.5 percent in services and by 2.6 percent in the (mainly) nonbusiness economy. Among Eurozone's largest economies, labour cost growth picked up in France (2.8 percent vs 2 percent), Italy (2.4 percent vs 1.3 percent), Spain (3.5 percent vs 2.1 percent), Ireland (7.4 percent vs 3.2 percent) and the Netherlands (4.3 percent vs 2.3 percent). Meanwhile, labour costs advanced at a slower pace in Germany (2.9 percent vs 3.1 percent).

Labour Costs in the Euro Area averaged 97.21 points from 2009 until 2019, reaching an all time high of 110.90 points in the second quarter of 2019 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. source: Eurostat

Labour Costs in Euro Area is expected to be 102.40 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 105.98 in 12 months time. In the long-term, the Euro Area Labour Costs is projected to trend around 111.57 points in 2020, according to our econometric models.


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Euro Area Labour Costs

Actual Previous Highest Lowest Dates Unit Frequency
103.50 110.90 110.90 83.40 2009 - 2019 points Quarterly
2016=100, WDA

Calendar GMT Actual Previous Consensus TEForecast
2019-03-19 10:00 AM Q4 2.3% 2.5% 2.7% 2.6%
2019-06-17 09:00 AM Q1 2.4% 2.3% 2.6% 2.4%
2019-09-13 09:00 AM Q2 2.7% 2.5% 2.3%
2019-12-16 10:00 AM Q3 2.6% 2.8% 2.6% 2.5%


News Stream
2019-09-13
Eurozone Labour Costs Rise at Faster Pace
Hourly labour costs in the Euro Area increased 2.7 percent year-on-year in the second quarter of 2019, following a revised 2.5 percent growth in the previous three-month period. Wages & salaries rose 2.7 percent (vs 2.7 percent in Q1) and non-wage costs went up 2.9 percent (vs 2.1 percent in Q1). By economic activity, hourly labour costs rose by 2.1 percent in industry, by 2.4 percent in construction, by 2.9 percent in services and by 3 percent in the (mainly) nonbusiness economy. Among Eurozone's largest economies, labour cost growth picked up in Germany (3.2 percent vs 2.5 percent), Spain (3.2 percent vs 2.6 percent), Ireland (3.5 percent vs 2.3 percent) and the Netherlands (2.3 percent vs 2.2 percent). Meanwhile, labour costs advanced at a softer pace in France (2 percent vs 2.7 percent) and Italy (1.6 percent vs 2.5 percent).

2019-06-17
Eurozone Labour Costs Growth at 2.4% in Q1
Hourly labour costs in the Euro Area increased 2.4 percent year-on-year in the first quarter of 2019, following a 2.3 growth in the previous three-month period and missing market expectations of 2.6 percent. By economic activity, hourly labour costs rose by 2.5 percent in industry, by 2.3 percent in construction, by 2.4 percent in services and by 2.5 percent in the (mainly) nonbusiness economy. Among Eurozone's largest economies, labour cost growth picked up in Germany (2.5 percent vs 2.0 percent), France (2.7 percent vs 2.5 percent), Italy (2.6 percent vs 2.1 percent) and Spain (2.5 percent vs 1.2 percent). By contrast, labour costs advanced at a softer pace in Ireland (2.0 percent vs 2.6 percent) and the Netherlands (1.5 percent vs 2.8 percent), while fell in Greece (-0.2 percent vs 2.5 percent).

2019-03-19
Eurozone Labour Costs Rise Less than Expected in Q4
Hourly labour costs in the Euro Area increased 2.3 percent year-on-year in the fourth quarter of 2018, following a 2.5 percent rise in the previous period and below market expectations of a 2.7 percent gain. By economic activity, hourly labour costs rose by 1.9 percent in industry, by 2.4 percent in construction, by 2.5 percent in services and by 2.4 percent in the (mainly) non-business economy. Among Eurozone's largest economies, labour cost growth slowed in Germany (2.0 percent vs 2.6 percent), Spain (1.1 percent vs 2.7 percent) and Italy (2.2 percent vs 2.4 percent) but picked up in France (2.5 percent vs 2.2 percent.


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.

Euro Area Labour Last Previous Highest Lowest Unit
Unemployment Rate 7.50 7.50 12.10 7.30 percent [+]
Employed Persons 160.13 160.01 160.13 117.36 Million [+]
Unemployed Persons 12219.00 12230.00 19203.00 11393.00 Thousand [+]
Long Term Unemployment Rate 3.20 3.30 6.30 2.70 percent [+]
Youth Unemployment Rate 15.60 15.60 24.80 14.80 percent [+]
Labour Costs 103.50 110.90 110.90 83.40 points [+]
Productivity 102.10 105.20 105.30 82.60 points [+]
Wages 1868.00 1859.00 1868.00 1177.00 EUR/Month [+]
Wage Growth 2.60 2.80 3.40 0.80 percent [+]
Population 341.15 340.54 341.15 260.38 Million [+]
Employment Change 0.10 0.20 0.70 -0.80 percent [+]
Full Time Employment 116318.80 115278.50 118849.00 107485.60 Thousand [+]
Labor Force Participation Rate 57.30 57.10 57.40 55.00 percent [+]
Part Time Employment 31533.60 31875.10 31875.10 19769.20 Thousand [+]
Retirement Age Men 64.36 64.27 64.36 62.24 [+]
Retirement Age Women 63.96 63.86 63.96 61.66 [+]