Financial News: Eurozone Hourly Labor Cost Growth Slows In Q2

Eurozone Hourly Labor Cost Growth Slows In Q2

09/16/2024 - 06:40:00 (RTTNews)

(RTTNews) - Eurozone hourly labor cost growth softened in the second quarter on slower wage growth, data released by Eurostat revealed on Monday.

Hourly labor cost grew 4.7 percent on a yearly basis, slower than the 5.0 percent increase in the first quarter.

Among two components of labor costs, wages and salaries climbed at a pace of 4.5 percent after an increase of 5.2 percent in the first quarter. Meanwhile, growth in non-wage costs accelerated to 5.2 percent from 4.6 percent. Further, data showed that hourly labor costs in industry and construction rose 4.8 percent and 5.3 percent, respectively. In the service sector, growth in labor cost was 4.5 percent.

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