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Financial News: Eurozone Labor Costs Growth Slows In Q3

Eurozone Labor Costs Growth Slows In Q3

12/16/2020 - 06:41:00 (RTTNews)

(RTTNews) - The annual growth in Eurozone labor costs eased in the third quarter, figures from Eurostat showed on Wednesday.

Hourly labor costs for the whole economy grew 1.6 percent year-on-year in the third quarter, slower than 3.6 percent rise in the second quarter.

The wages and salaries component rose 2.2 percent in the third quarter, after a 4.5 percent grew in the previous three months.

Non-wage costs declined 0.4 percent, after a 0.7 percent increase in the second quarter.

Labor cost in industry gained 1.2 percent. Labor costs rose 2.4 percent in construction and by 1.4 percent in services.

EU27 labor costs grew 1.8 percent annually in the third quarter, after a 3.5 percent rise in the previous quarter.

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