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EUROZONE DATA: Indeed Wage Tracker Accelerates Above 4% In August

EUROZONE DATA
Data BulletEurozoneBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

Eurozone wage growth picked up to 4.1% Y/Y according to the latest Indeed Wage Tracker update (vs 3.9% prior), with April – July’s readings also seeing small upward revisions. This meant the 3mma Y/Y rate saw a third consecutive monthly rise to 3.94% (vs 3.73% in July, 3.63% in June and 3.49% in May). The data is consistent with the ECB’s expectations for compensation measures (e.g. negotiated wage growth) to remain elevated and volatile into early 2025.

  • These dynamics shouldn’t stand in the way of further ECB easing in 2024/2025, but today’s data underscores policymaker preferences for a gradual (i.e. quarterly) cutting cycle, for now.
  • The August estimate was calculated using 81k observations, which is the smallest sample since April 2021. Revisions are therefore likely in the coming months as more observations are retrospectively added to the sample.
  • At a country-level, the 3mma Y/Y wage estimate rose to 4.0% in Germany (vs 3.9% prior), 4.6% in Spain (vs 4.5% prior) and 4.0% in Italy (vs 3.2% prior).
  • French wages eased a little to 1.9% Y/Y (vs 2.0% prior).
  • Note that the Spanish and Italian sample sizes were just 1.4k and 2.7k respectively, so the wage growth estimate should be taken with more of a pinch of salt compared to France and Germany.
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Eurozone wage growth picked up to 4.1% Y/Y according to the latest Indeed Wage Tracker update (vs 3.9% prior), with April – July’s readings also seeing small upward revisions. This meant the 3mma Y/Y rate saw a third consecutive monthly rise to 3.94% (vs 3.73% in July, 3.63% in June and 3.49% in May). The data is consistent with the ECB’s expectations for compensation measures (e.g. negotiated wage growth) to remain elevated and volatile into early 2025.

  • These dynamics shouldn’t stand in the way of further ECB easing in 2024/2025, but today’s data underscores policymaker preferences for a gradual (i.e. quarterly) cutting cycle, for now.
  • The August estimate was calculated using 81k observations, which is the smallest sample since April 2021. Revisions are therefore likely in the coming months as more observations are retrospectively added to the sample.
  • At a country-level, the 3mma Y/Y wage estimate rose to 4.0% in Germany (vs 3.9% prior), 4.6% in Spain (vs 4.5% prior) and 4.0% in Italy (vs 3.2% prior).
  • French wages eased a little to 1.9% Y/Y (vs 2.0% prior).
  • Note that the Spanish and Italian sample sizes were just 1.4k and 2.7k respectively, so the wage growth estimate should be taken with more of a pinch of salt compared to France and Germany.