MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI BRIEF: Ontario To Cut U.S. Energy Flows When Tariffs Hit

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI China Daily Summary: Wednesday, December 11

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EUROZONE DATA: Labour Cost Revised Higher, But Moderation From Q1 Remains Intact

EUROZONE DATA
Data BulletEurozoneBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

Eurozone Q2 hourly labour cost growth was 4.7% Y/Y, an upward revision of six tenths versus last month’s flash release. 

  • The flash release was compiled before the final Q2 national accounts data was available, meaning Eurostat had to estimate many inputs (e.g. compensation and hours worked) using flash/incomplete data from member states.
  • As such, we wouldn’t read into the upward revision too much (and would instead advise caution when interpreting the flash release). The general theme of moderating labour costs remains intact, with Q2’s reading below last quarter’s 5.0%.
  • The wages and salaries component eased to 4.5% Y/Y (vs 5.2% prior), while the smaller non-wage component was 5.2% Y/Y (vs 4.6% prior).
  • At a country level, Germany (5.1% vs 5.7% prior) and Spain (3.9% vs 4.8% prior) saw the largest decelerations in overall Q2 labour cost growth, though France and Italy saw small accelerations to 3.7% and 3.3% respectively.
  • At an industry level, services labour costs eased to 4.5% Y/Y (vs 4.8% prior), while “industry and construction” accelerated a tenth to 4.9%. 

 

169 words

To read the full story

Close

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.

Eurozone Q2 hourly labour cost growth was 4.7% Y/Y, an upward revision of six tenths versus last month’s flash release. 

  • The flash release was compiled before the final Q2 national accounts data was available, meaning Eurostat had to estimate many inputs (e.g. compensation and hours worked) using flash/incomplete data from member states.
  • As such, we wouldn’t read into the upward revision too much (and would instead advise caution when interpreting the flash release). The general theme of moderating labour costs remains intact, with Q2’s reading below last quarter’s 5.0%.
  • The wages and salaries component eased to 4.5% Y/Y (vs 5.2% prior), while the smaller non-wage component was 5.2% Y/Y (vs 4.6% prior).
  • At a country level, Germany (5.1% vs 5.7% prior) and Spain (3.9% vs 4.8% prior) saw the largest decelerations in overall Q2 labour cost growth, though France and Italy saw small accelerations to 3.7% and 3.3% respectively.
  • At an industry level, services labour costs eased to 4.5% Y/Y (vs 4.8% prior), while “industry and construction” accelerated a tenth to 4.9%.