13.09.201905:28:00UTC+00Eurozone Labor Costs Rise Faster In Q2

Eurozone hourly labor costs grew at a faster pace for the second straight quarter in the three months to June, preliminary data from the statistical office Eurostat showed on Friday.

The nominal hourly labor costs grew a calendar adjusted 2.9 percent year-on-year following a 2.5 percent rise in the first quarter, which was revised from 2.4 percent. In the second quarter, wages and salary costs grew 2.7 percent annually, same as in the previous quarter. Growth in other costs that include the employers' social contributions, employment taxes less subsidies, climbed to 2.9 percent from 2.1 percent. Labor costs grew 2.1 percent year-on-year in industry, and b 2.4 percent in construction. Costs increased 2.9 percent in services and by 3 percent in the mainly non-business economy. Among euro area countries, the biggest increase in labor costs was registered in Slovakia, 10.6 percent, and the smallest in Portugal, 0.9 percent.