Labour Costs Index in Europe up 1.2%Staff writer ▼ | September 17, 2014
The EU's statistical office Eurostat released its Labour Costs Index for the second quarter, indicating an average increase of 1.2 percent in the second quarter in both the eurozone and the 28 EU countries year-on-year.
Statistics Eurostat released new data
The total cost of hourly labour includes gross wages, additional earnings like performance-based bonuses, and social security contributions.
Eurostat found that the highest rise in hourly labour costs occurred in Estonia, Slovakia, Latvia, Lithuania and Romania. Cyprus and Ireland saw labour costs fall.
In the second quarter of 2014 compared with the same quarter of the previous year, hourly labour costs in the euro area rose by 2.5% in industry, by 0.7% in construction, by 0.9% in services and by 0.6% in the (mainly) non-business economy. In the EU28, labour costs per hour grew by 2.8% in industry, by 0.4% in construction, by 0.9% in services and by 0.7% in the (mainly) non-business economy. ■