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Financial News: Germany's Labor Cost Growth Fastest In 7 Years

Germany's Labor Cost Growth Fastest In 7 Years

03/10/2020 - 07:41:00 (RTTNews)

(RTTNews) - Germany's labor cost grew at the fastest pace in seven years in 2019, data from Destatis revealed Tuesday.

In 2019, hourly labor cost grew 3 percent versus 2.4 percent rise in 2018. This was the fastest rise since 2012, when cost was up 3.1 percent.

The costs of gross earnings increased 2.9 percent and non-wage costs were up 3.2 percent.

However, hourly labor cost increased 3 percent on a yearly basis in the fourth quarter, slightly slower than the 3.1 percent rise in the third quarter.

Gross earnings gained 2.7 percent and non-wage costs advanced 4.2 percent.

On a quarterly basis, hourly labor cost remained flat after rising 1 percent.

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