| About CMS | Forex Services | Trading Software | Forex Education | Forex Resources | My Account |
Main Indicator: Labor Cost Index y/y
Most Recent Release
|
Actual | Forecast | Previous | Revised Form | |
| 3.3% | 2.9% | 2.9% | 2.7% | ||
|
For 1st Quarter
Labor costs grew 3.3% in the first quarter, the fastest rate since 2003. The increase was larger than forecast, as workers are negotiating higher salaries in the face of higher inflation. This is exactly the scenario the ECB spelled out in its monthly report, in that higher inflation will cause second-round effects such as wages to rise in an inflation spiral. ECB President Trichet signaled that recent data had caused a discussion in the last meeting where several members pressed for an interest rate increase in July.
|
|||||
Table of Past Data
| 12/15 | 9/14 | 12/14 | 6/14 | 9/12 | 12/13 | 3/14 | 6/13 | ||||
| Actual | 2.20% | 2.40% | 2.00% | 2.20% | 2.5% | 2.5% | 2.7% | 3.3% | |||
| Forecast | 2.40% | 2.30% | 2.50% | 2.3% | 2.6% | 2.5% | 2.9% | ||||
| Previous | 2.30% | 2.20% | 2.40% | 2.20% | 2.2% | 2.4% | 2.5% | 2.9% | |||
| Revised From | N/A | N/A | N/A | N/A | N/A | 2.5% | N/A | 2.7% | |||
Past Releases
|
Actual | Forecast | Previous | Revised Form | |
| 2.7% | 2.5% | 2.5% | N/A | ||
|
For 4th Quarter Labor Costs increased by 2.7% in the 4th quarter, higher than economists forecasts. Wages were up 2.9%. The higher than expected wages along with a 14-year high consumer-price inflation will limit the chances of the ECB lowering rates in the near future, which they may be inclined to do if the policy members see evidence of the euro-zone economy slowing down. Right now, the bank's main concern is keeping inflation in check. |
|||||
|
Actual | Forecast | Previous | Revised Form | |
| 2.5% | 2.6% | 2.4% | 2.5% | ||
| For 3rd Quarter. | |||||
|
Actual | Forecast | Previous | Revised Form | |
| 2.5% | 2.3% | 2.2% | N/A | ||
| Total hourly labor costs in the euro area rose at an annual rate of 2.5% in nominal terms up tho the second quarter of 2007, according to Eurostat. Wages and salaries grew at an annual rate of 2.5%, and non-wage costs by 1.8%, compared with 2.3% and 1.9% respectively for the first quarter of 2.7%. Labor costs increased the most in construction (3.2%) and least in services (2.2%). | |||||
|
Actual | Forecast | Previous | Revised Form | |
| 2.20% | 2.20% | N/A | |||
| The 2 components wages & salaries and non-wage costs grew respectively 2.30% and 2.10% annually up to the first quarter of 2007 according to Eurostat. | |||||
|
Actual | Forecast | Previous | Revised Form | |
| 2.00% | 2.50% | 2.40% | N/A |
|
Actual | Forecast | Previous | Revised Form | |
| 2.40% | 2.30% | 2.20% | N/A | ||
| Eurozone employment rose by 0.4% in Q2 q/q and increased by 1.2% on a y/y basis. On the other hand, labor cost was up by 2.4% in Q2 y/y. The employment numbers rose by 557,000 from the first quarter to a total of 139m. The figures were released by Eurostat. | |||||
|
Actual | Forecast | Previous | Revised Form | |
| 2.20% | 2.40% | 2.30% | N/A |