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MNI BRIEF: Eurozone Pay Gains May Have Peaked - Irish NCB

(MNI) LONDON
True

Wages in six euro area countries rose sharply in October, new data published by the Central Bank of Ireland shows, although continued uncertainty and a worsening economic outlook mean pay packet increases may have peaked despite tight labour market conditions.

The figures, based on 24 million job ads posted between 1 January 2018 and 31 October 2022, suggest recent wage growth was highest in Germany -- which boosted the minimum wage from EUR 9.82 to EUR 12.00 on October 1 this year -- at 7.1%. It was followed by a 5.0% uplift in France, 4.7% in Ireland, 4.2% in Italy, 4.0% in the Netherlands, and 3.5% in Spain. UK wages grew by 6.2% over the same period.

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Wages in six euro area countries rose sharply in October, new data published by the Central Bank of Ireland shows, although continued uncertainty and a worsening economic outlook mean pay packet increases may have peaked despite tight labour market conditions.

The figures, based on 24 million job ads posted between 1 January 2018 and 31 October 2022, suggest recent wage growth was highest in Germany -- which boosted the minimum wage from EUR 9.82 to EUR 12.00 on October 1 this year -- at 7.1%. It was followed by a 5.0% uplift in France, 4.7% in Ireland, 4.2% in Italy, 4.0% in the Netherlands, and 3.5% in Spain. UK wages grew by 6.2% over the same period.

Keep reading...Show less