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MNI Macro Analysis – Unpacking The Updated Indeed Wage Tracker

Executive Summary

  • The Indeed wage tracker continued to moderate in May, with the Euro-area estimate falling to 3.35% Y/Y (vs 3.39% prior) and 3.41% 3mma Y/Y (vs 3.46% prior).
  • The latest development underscores the ECB’s forecast that compensation per employee will “remain elevated in 2024 but will decelerate in 2025”.
  • The Indeed website notes that the wage tracker’s calculations have been updated from May 2024 “in part to harmonize methodologies across all nations and ensure a consistent universe of job postings included in national wage tracker series”. However, in general the main interpretation of the data remains unchanged.
  • As of May 2024. Indeed has begun reporting the number of observations used to generate each country’s series. Our analysis suggests that it is it is unlikely that Indeed misrepresents region-wide wage dynamics arising from skewed observation numbers between countries.

Full PDF Analysis:

MNI - Indeed Wage Tracker Deep Dive - 240612.pdf

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