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EUROZONE DATA: Labour Cost Growth Moderates In Q3, Mixed By Country

EUROZONE DATA
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The eurozone labour cost index rose 4.6% Y/Y in Q3 for reasonable moderation from Q2's 5.2%. The wages component grew at 4.4% in Q3 (4.9% prior), while the "other" component printed 5.2% (5.8% prior). Note that the figures compare to 2.2% Y/Y headline HICP on average in Q3.

  • Across sectors, growth for overall hourly labour costs growth was 4.6% in industry, 5.0% in construction, and 4.5% in services.
  • There were some mixed country readings: Germany saw clearest deceleration, to 4.2% from 6.0% in Q2. In Spain, however, the index rose by 5.0% in Q3 vs 4.0% prior, France came in at 3.0% vs 3.7%, and Italy 5.4% vs 4.2% prior.
  • The overall deceleration should underpin the disinflation narrative in the Eurozone.
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The eurozone labour cost index rose 4.6% Y/Y in Q3 for reasonable moderation from Q2's 5.2%. The wages component grew at 4.4% in Q3 (4.9% prior), while the "other" component printed 5.2% (5.8% prior). Note that the figures compare to 2.2% Y/Y headline HICP on average in Q3.

  • Across sectors, growth for overall hourly labour costs growth was 4.6% in industry, 5.0% in construction, and 4.5% in services.
  • There were some mixed country readings: Germany saw clearest deceleration, to 4.2% from 6.0% in Q2. In Spain, however, the index rose by 5.0% in Q3 vs 4.0% prior, France came in at 3.0% vs 3.7%, and Italy 5.4% vs 4.2% prior.
  • The overall deceleration should underpin the disinflation narrative in the Eurozone.