Eurozone Arbeitskosten

Hourly labor costs in the Euro Area rose by 3.7% from the previous year in the fourth quarter of 2024, the least since the third quarter of 2023, to indicate that the period of restrictive monetary policy by the ECB may be having a larger impact on the labor market. The wage component of labor costs grew by 4.1%, and the non-wage component expanded by a softer 2.6%. Among different industries, labor costs grew the least for services (3.7%), followed by construction (4%) and industry (4.3%).