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EUROZONE DATA: Broad-based Deceleration Of Posted Wage Growth In October: Indeed

EUROZONE DATA
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The 3mma of Eurozone posted wage growth eased to 3.4% in October (vs 3.7% prior) according to Friday’s Indeed Wage Tracker update. This was the lowest reading since March 2022. The last three months of data have seemingly put to rest concerns around a nascent re-acceleration of posted wage growth from the Spring, underpinning the ECB’s forecast for a gradual easing of compensation per employee growth through 2026.

  • The October Indeed sample was based on 127k observations, after two months below 100k in August and September.
  • Posted wage growth decelerated across the four major Eurozone countries. The 3mma of Y/Y wage growth fell to 3.7% in Germany (vs 3.9% prior) and 1.6% in France (vs 1.8% prior).
  • Wage growth was 3.2% in Italy (vs 3.3% prior) and 4.0% in Spain (vs 4.2% prior), though note that these estimates are based off much smaller samples than for Germany and France.
  • This week also sees the release of preliminary Q3 labour costs (Tuesday) and the ECB’s negotiated wages series (Wednesday). We will send a mini-preview of the latter release this afternoon. 
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The 3mma of Eurozone posted wage growth eased to 3.4% in October (vs 3.7% prior) according to Friday’s Indeed Wage Tracker update. This was the lowest reading since March 2022. The last three months of data have seemingly put to rest concerns around a nascent re-acceleration of posted wage growth from the Spring, underpinning the ECB’s forecast for a gradual easing of compensation per employee growth through 2026.

  • The October Indeed sample was based on 127k observations, after two months below 100k in August and September.
  • Posted wage growth decelerated across the four major Eurozone countries. The 3mma of Y/Y wage growth fell to 3.7% in Germany (vs 3.9% prior) and 1.6% in France (vs 1.8% prior).
  • Wage growth was 3.2% in Italy (vs 3.3% prior) and 4.0% in Spain (vs 4.2% prior), though note that these estimates are based off much smaller samples than for Germany and France.
  • This week also sees the release of preliminary Q3 labour costs (Tuesday) and the ECB’s negotiated wages series (Wednesday). We will send a mini-preview of the latter release this afternoon.