Germany’s Labor Cost Growth Slows In Q3

Germany’s labor cost growth slowed slightly in the third quarter, data from Destatis showed Friday.

The index of labor cost increased 2.2 percent year-on-year in the third quarter, following the second quarter’s 2.3 percent rise.

A similar slower growth was last seen in the second quarter of 2016.

Labour costs consist of gross earnings and non-wage costs. In calendar adjusted terms, the costs of gross earnings increased by 2.2 percent year-on-year, and non-wage costs were up 2.4 percent.

On a sequential basis, labor cost growth accelerated to 0.7 percent in the third quarter from 0.1 percent in the second quarter.

Destatis said the price of one hour worked in Germany rose by 2.3 percent annually in the second quarter. In the entire EU, the increase in labor costs averaged 2.2 percent in that period.
Source: RTT News