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In the first half of 2022 the more gradual growth of nominal wages in the euro area led to a stronger decline in real wages compared with the United States. In the second quarter of 2022 the real annual growth rate of the US employment cost index was -3.3%, while for negotiated wages in the euro area it was -5.2% (Chart C, panel b).
- Minimum wages and their role for euro area wage growth
Based on the assumption that the number of minimum wage...
- Annual increase in labour costs at 4.0% in euro area
The two main components of labour costs are wages & salaries...
- Annual increase in labour costs at 2.9% in euro area
The two main components of labour costs are wages & salaries...
- Minimum wages and their role for euro area wage growth
Wages In the Euro Area increased 4.50 percent in June of 2024 over the same month in the previous year. Wage Growth in Euro Area averaged 2.35 percent from 2009 until 2024, reaching an all time high of 5.20 percent in the fourth quarter of 2022 and a record low of -0.40 percent in the second quarter of 2021.
Based on the assumption that the number of minimum wage recipients is kept unchanged at the 2018 levels, minimum wage growth in the euro area can be expected to increase by more than 4% in 2022, and even close to 8% in 2023, and contribute around 0.1 percentage point to euro area wage growth in 2022 and 0.2 percentage points in 2023 (Chart C).
Prepared by Agostino Consolo and Claudia Foroni. Published as part of the ECB Economic Bulletin, Issue 4/2024. The adjustment in real wages has been key in supporting post-pandemic employment growth in the euro area. This box looks at developments in employment growth after the end of the pandemic, focusing on the period since early 2022.
Post-pandemic wage growth trends. Our initial analysis, conducted through the end of October 2022, found that growth in euro-area posted wages accelerated sharply in the first half of this year, from 2.5% in January to 4.2% in June and continued to accelerate during the third quarter.
Sep 15, 2022 · The two main components of labour costs are wages & salaries and non-wage costs. In the euro area, wages & salaries per hour worked increased by 4.1%, while the non-wage component rose by 3.8% in the second quarter of 2022, compared with the same quarter of the previous year. In the EU, hourly wages & salaries increased by 4.5%
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Dec 19, 2022 · The two main components of labour costs are wages & salaries and non-wage costs. In the euro area, wages & salaries per hour worked increased by 2.1%, while the non-wage component rose by 5.3% in the third quarter of 2022, compared with the same quarter of the previous year. In the EU, hourly wages & salaries increased by 2.8%
