Hourly labor costs for Eurozone surge by 4.7 percent yr/yr in 2nd quarter
Date
9/17/2024 7:48:46 AM
(MENAFN) On Monday, Eurostat reported a 4.7 percent year-on-year increase in hourly labor costs for the Eurozone in the second quarter of 2024. This growth reflects rising expenses across both wage and non-wage components, with hourly wages and salaries climbing by 4.5 percent, and the non-wage element experiencing a 5.2 percent increase over the same period.
The increase in labor costs varied by sector within the Eurozone. In the industrial sector, hourly labor costs rose by 4.8 percent, while the construction sector saw a more significant increase of 5.3 percent. The services sector experienced a 4.5 percent rise in labor costs. These sector-specific increases highlight the broader trend of escalating labor expenses across the Eurozone.
Among individual countries, Croatia recorded the highest growth in hourly wage costs at 17.6 percent, followed by Bulgaria with a 15.4 percent increase, Romania at 15 percent, and Poland at 13 percent. These figures indicate significant disparities in labor cost trends within the region, with some countries experiencing markedly higher increases compared to others.
In comparison, the broader European Union (EU27) saw a slightly higher average increase in hourly labor costs at 5.2 percent year-on-year for the second quarter of 2024. Within the EU, industry labor costs rose by 5.3 percent, construction by 5.8 percent, and services by 4.9 percent. This overall rise in the EU reflects a similar upward trend in labor expenses as seen in the Eurozone, albeit with varying degrees across different sectors and countries.
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