Eurozone Hourly Labor Cost Accelerates In Q2

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Eurozone hourly labor cost increased at a faster rate in the second quarter, data from Eurostat revealed Tuesday.

Hourly labor cost grew 4.2 percent on a yearly basis, following a 3.7 percent rise in the first quarter.

Among main components, the annual growth in wages and salaries rose to 5.2 percent from 3.9 percent. Meanwhile, the increase in other cost slowed to 0.8 percent from 3.1 percent.

In the EU27, hourly labor cost grew 4.1 percent annually versus a 3.9 percent rise in the first quarter.

In both the EU and the euro area, the increase in hourly wage costs indicates that the decrease in the number of hours worked, due to the Covid-19 crisis, was not fully compensated by a matching decrease in wages.

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