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Financial News: Eurozone Labor Cost Growth Slows In Q4

Eurozone Labor Cost Growth Slows In Q4

03/17/2020 - 08:10:00 (RTTNews)

(RTTNews) - Eurozone labor costs annual growth eased for the second straight quarter in the three months ended December, figures from Eurostat showed on Tuesday.

Hourly labor costs for the whole economy grew 2.4 percent year-on-year in the fourth quarter, slower than 2.6 percent rise in the third quarter.

A similar rate of growth was previously seen in the same quarter last year.

The wages and salaries component rose 2.3 percent in the fourth quarter after a 2.6 percent climb in the previous three months. Non-wage costs climbed 2.4 percent following a 2.6 percent increase.

Labor costs rose 2.3 percent each in construction and services and by 2.2 percent in industry. The pace of growth slowed sharply in industry and services, but edged up in construction.

EU28 labor costs grew 2.7 percent annually in the fourth quarter versus a 3.1 percent rise in the previous quarter.

Data from INE showed that the Spain labor cost increased 2.3 percent year-on-year in the fourth quarter, after a 2.2 percent rise in the third quarter.

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