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FRANCE DATA: Wage Growth at the Slowest Y/Y Pace since Q1-22

FRANCE DATA
Data BulletEurozoneCEEMEAFranceBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

France's basic monthly salary (SMB) index preliminary reading increased a marginal 0.3% Q/Q in Q3 2024, from 0.6% in Q2. Over the year the index is estimated to have risen 2.7% Y/Y (vs 2.9% in Q2) - the lowest rate of increase since Q1 2022. French wages are therefore back on their way to being closer to inflation target-consistent levels.

  • The softness was driven by a slowdown in industrial sector wages to 0.4% Q/Q (vs 0.9% prior).
  • Both construction and tertiary sector wages also slowed to 0.2% Q/Q (vs 0.6% in Q2) and 0.3% Q/Q (vs 0.5% in Q2).
  • The Indeed wage tracker for France has seen a similar moderation recently printing 1.8% Y/Y in September (vs 1.9% in August), the softest growth rate since September 2021. 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 (SMB) index preliminary reading increased a marginal 0.3% Q/Q in Q3 2024, from 0.6% in Q2. Over the year the index is estimated to have risen 2.7% Y/Y (vs 2.9% in Q2) - the lowest rate of increase since Q1 2022. French wages are therefore back on their way to being closer to inflation target-consistent levels.

  • The softness was driven by a slowdown in industrial sector wages to 0.4% Q/Q (vs 0.9% prior).
  • Both construction and tertiary sector wages also slowed to 0.2% Q/Q (vs 0.6% in Q2) and 0.3% Q/Q (vs 0.5% in Q2).
  • The Indeed wage tracker for France has seen a similar moderation recently printing 1.8% Y/Y in September (vs 1.9% in August), the softest growth rate since September 2021. Combined, they suggest potential for further softening in core HICP inflation if wage-sensitive service inflation moderates in due course.