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Financial News: German Hourly Labor Cost Growth Slows In Q1

German Hourly Labor Cost Growth Slows In Q1

06/09/2017 - 06:49:00 (RTTNews)

(RTTNews) - German hourly labor costs grew at a slower annual pace in the first quarter after accelerating sharply in the previous three months, preliminary data from Destatis showed Friday.

Hourly labor costs rose a calendar-adjusted 2.5 percent year-on-year following 2.9 percent gain in the fourth quarter of 2016, which was the second strongest increase last year.

In the first quarter of 2016, labor costs rose 3 percent annually.

Gross earnings grew 1.9 percent after 2.8 percent jump in the previous quarter, while non-wage costs surged 4.5 percent following 3.3 percent gain.

The jump in non-wage costs was largely due to the number of staff on sick leave, which was markedly higher than a year earlier, the agency said.

On a quarter-on-quarter basis, labor costs grew a seasonal-and-calendar-adjusted 0.5 percent in the first quarter after 1.5 percent increase in the previous three months.

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