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Indeed Wages Tick Higher, But Future Revisions Are Likely

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The June Indeed wage tracker saw the Euro-area estimate tick up to 3.7% Y/Y (vs a one tenth upwardly revised 3.5% prior).

  • The June estimate was based on a sample of 66.7k, the lowest since January 2021. However, this sample size will likely increase in future months, making the headline estimate released today prone to revisions.
  • May’s upward revision came as the sample size rose to 113.3k (vs 90.3k prior).
  • At a country level, June 3mma Y/Y wages rose in Germany, Spain and Italy, but moderated in France. France’s share of observations fell to 40% in June, versus 45% in May and an average of 55% through 2023.
  • Spanish wages, based on a 1.6k sample rose 4.1% 3mma Y/Y, while May’s reading was revised to 3.2% (vs 2.9% initially). On the other hand, the Italian estimate was 3.9%, with May’s estimate downwardly revised to 3.3% (vs 3.5% initially).

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The June Indeed wage tracker saw the Euro-area estimate tick up to 3.7% Y/Y (vs a one tenth upwardly revised 3.5% prior).

  • The June estimate was based on a sample of 66.7k, the lowest since January 2021. However, this sample size will likely increase in future months, making the headline estimate released today prone to revisions.
  • May’s upward revision came as the sample size rose to 113.3k (vs 90.3k prior).
  • At a country level, June 3mma Y/Y wages rose in Germany, Spain and Italy, but moderated in France. France’s share of observations fell to 40% in June, versus 45% in May and an average of 55% through 2023.
  • Spanish wages, based on a 1.6k sample rose 4.1% 3mma Y/Y, while May’s reading was revised to 3.2% (vs 2.9% initially). On the other hand, the Italian estimate was 3.9%, with May’s estimate downwardly revised to 3.3% (vs 3.5% initially).