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France Basic Monthly Salary Growth Softens in Q2 Flash

FRANCE DATA
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France's basic monthly salary index flash reading according to the French Labour Ministry rose 0.6% Q/Q in Q2 2024, a softening from the rapid rise of 1.3% in Q1, but slightly higher than Q3 and Q4 2023 readings (0.5% and 0.4%). Over a year the index is estimated to have risen +2.9% Y/Y (vs 3.3% prior).

  • The industrial sector had the largest contribution for a second consecutive quarter at 0.9% Q/Q (vs 1.7% in Q1). Wages in construction meanwhile increased 0.6% in Q2 (vs 1.4% in Q1) and tertiary sector wages increased 0.5% (vs 1.3% in Q1).
  • The Indeed wage tracker for France meanwhile has seen a more pronounced moderation recently, printing 1.8% Y/Y in June after 2.1% in May and a high of 4.8% in June 2023. Combined, they suggest potential for further softening in core HICP inflation if wage-sensitive service inflation moderates in due course.


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France's basic monthly salary index flash reading according to the French Labour Ministry rose 0.6% Q/Q in Q2 2024, a softening from the rapid rise of 1.3% in Q1, but slightly higher than Q3 and Q4 2023 readings (0.5% and 0.4%). Over a year the index is estimated to have risen +2.9% Y/Y (vs 3.3% prior).

  • The industrial sector had the largest contribution for a second consecutive quarter at 0.9% Q/Q (vs 1.7% in Q1). Wages in construction meanwhile increased 0.6% in Q2 (vs 1.4% in Q1) and tertiary sector wages increased 0.5% (vs 1.3% in Q1).
  • The Indeed wage tracker for France meanwhile has seen a more pronounced moderation recently, printing 1.8% Y/Y in June after 2.1% in May and a high of 4.8% in June 2023. Combined, they suggest potential for further softening in core HICP inflation if wage-sensitive service inflation moderates in due course.