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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
ITALY DATA
Italian hourly earnings based on collective agreements rose 3.6% in June (vs 3.4% in May and 3.0% in March). The increase reflected a rise in private service sector and industrial wages, while agricultural wages moved a little lower.
- Service sector wages rose 3.7% Y/Y (vs 3.6% in May), up from 2.1% in at the start of this year. Industrial wages rose 4.9% Y/Y (vs 4.7% prior).
- A reminder that the spike in overall wages in December 2023 came as a result of one-off agreements in the public sector.
- With headline inflation below 1.0% Y/Y, the increase in Italian real wages should support private consumption ahead. However, it is also likely contributing to keeping services inflation sticky above 3.0% Y/Y.
- The Indeed wage tracker has also trended higher this year, last 3.9% Y/Y 3mma (vs 3.3% in May), though it will be prone to revisions as more observations are added.
- Italian flash July HICP is due next Wednesday.
- ISTAT notes that collective agreements account 64.0% of employees and 62.9% of total wages in Italy.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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