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MNI Analysis – Mapping The Last Mile Of EZ Labour Costs

Executive Summary

  • Recent trends in Eurozone wages, hours worked and productivity suggest that unit labour costs are set to remain elevated at least through the first half of 2024.
  • The extent to which increases in unit labour costs are passed through to end prices is a key concern for the ECB, and an understanding of this risk in the Q1 ’24 data is deemed a pre-requisite to cutting rates by many on the Governing Council.
  • MNI examines the factors underlying unit labour cost growth, including wages and productivity, and outlines what the ECB (and markets) will be watching out for in H1 ’24.
For our full PDF analysis, click the following link:

MNI Eurozone GDP Deflator and ULCs 240301.pdf

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