Eurozone Arbeitskosten

Hourly labor costs in the Euro Area rose by 4.7% year-on-year in the second quarter of 2024, slowing from a downwardly revised 5% increase in the previous quarter. Wages and salaries per hour worked grew by 4.5% annually, down from 5.2% in Q1, while the non-wage component saw a 5.2% rise. Across the currency bloc’s key industrial sectors, labor costs increased by 5.3% in construction, 4.8% in industry, and 4.5% in services. Among the Euro Area's largest economies, labor costs rose sharply in Germany (5.1%), followed by France (3.7%) and Italy (3.3%). Meanwhile, significant surges were recorded in Bulgaria (15.4%), Croatia (17.6%), and Romania (15%).