Hourly labor costs in the Euro Area rose by 4.6% from the previous year in the third quarter of 2024, slowing from the upwardly revised 5.2% rise in the previous quarter, and in line with the preliminary estimates. Wages and salaries rose by 4.4%, while the non-wage component of the index rose by a sharper 5.2%. Across the bloc’s key sectors, labor costs were the highest for construction(5%), industry (4.6%), and services (4.5%). source: EUROSTAT

Labour Costs In the Euro Area decreased to 112.10 points in the third quarter of 2024 from 119.40 points in the second quarter of 2024. Labour Costs in Euro Area averaged 93.69 points from 2009 until 2024, reaching an all time high of 119.40 points in the second quarter of 2024 and a record low of 75.60 points in the first quarter of 2009. This page provides the latest reported value for - Euro Area Labour Costs - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Euro Area Labour Costs - data, historical chart, forecasts and calendar of releases - was last updated on January of 2025.

Labour Costs In the Euro Area decreased to 112.10 points in the third quarter of 2024 from 119.40 points in the second quarter of 2024. Labour Costs in Euro Area is expected to be 111.45 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Euro Area Labour Costs is projected to trend around 115.49 points in 2026 and 117.45 points in 2027, according to our econometric models.




Calendar GMT Reference Actual Previous Consensus TEForecast
2024-11-19 10:00 AM Labour Cost Index YoY Flash Q3 4.6% 5% 4.0%
2024-12-16 10:00 AM Labour Cost Index YoY Final Q3 4.6% 5.2% 4.6% 4.6%


Related Last Previous Unit Reference
Employment Change 0.20 0.20 percent Sep 2024
Full Time Employment 124968.20 124008.00 Thousand Sep 2024
Labor Force Participation Rate 75.60 75.40 percent Sep 2024
Labour Cost Index YoY 112.10 119.40 points Sep 2024
Long Term Unemployment Rate 1.90 2.10 percent Sep 2024
Part Time Employment 31968.30 32421.00 Thousand Sep 2024
Population 350.08 349.67 Million Dec 2024
Productivity 103.86 103.48 points Sep 2024
Unemployed Persons 10819.00 10858.00 Thousand Nov 2024
Unemployment Rate 6.30 6.30 percent Nov 2024
Wage Growth YoY 4.40 4.90 percent Sep 2024
Wages 2179.00 2151.00 EUR/Month Sep 2023
Youth Unemployment Rate 15.00 15.00 percent Nov 2024

Euro Area Labour Costs
The Labour Cost Index in the Euro Area is a short-term indicator showing the development of hourly labour costs incurred by employers, in nominal terms, that is without adjusting for price developments. It is calculated dividing the labour cost in national currency by the number of hours worked. The quarterly changes in hourly employers’ costs are measured for total labour costs and its main components: wages and salaries; and non-wage costs (labour costs other than wages and salaries). Total labour costs (TOT) cover wage and non-wage costs less subsidies. They do not include vocational training costs or other expenditures such as recruitment costs, spending on working clothes, etc.
Actual Previous Highest Lowest Dates Unit Frequency
112.10 119.40 119.40 75.60 2009 - 2024 points Quarterly
2020=100, WDA


News Stream
Euro Area Labor Costs Confirmed at Slowdown
Hourly labor costs in the Euro Area rose by 4.6% from the previous year in the third quarter of 2024, slowing from the upwardly revised 5.2% rise in the previous quarter, and in line with the preliminary estimates. Wages and salaries rose by 4.4%, while the non-wage component of the index rose by a sharper 5.2%. Across the bloc’s key sectors, labor costs were the highest for construction(5%), industry (4.6%), and services (4.5%).
2024-12-16
Euro Area Labour Costs Rise at Slower Pace in Q3
Hourly labor costs in the Euro Area increased by 4.6% year-on-year in the third quarter of 2024, slowing from an upwardly revised 5% rise in the previous quarter. Wages and salaries per hour worked grew by 4.5% annually, down from 4.9% in Q2, while the non-wage component saw a 4.9% rise (vs 5.6%). Across the currency bloc’s key industrial sectors, labor costs increased by 5.0% in construction, 4.6% in industry, and 4.6% in services.
2024-11-19
Eurozone Labour Cost Growth Slows Slightly to 4.7% in Q2
Hourly labor costs in the Euro Area rose by 4.7% year-on-year in the second quarter of 2024, slowing from a downwardly revised 5% increase in the previous quarter. Wages and salaries per hour worked grew by 4.5% annually, down from 5.2% in Q1, while the non-wage component saw a 5.2% rise. Across the currency bloc’s key industrial sectors, labor costs increased by 5.3% in construction, 4.8% in industry, and 4.5% in services. Among the Euro Area's largest economies, labor costs rose sharply in Germany (5.1%), followed by France (3.7%) and Italy (3.3%). Meanwhile, significant surges were recorded in Bulgaria (15.4%), Croatia (17.6%), and Romania (15%).
2024-09-16