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Collective Wages Continue To Tick Higher

ITALY DATA
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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.

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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.