In the News

Hourly Labour Costs in Europe – Rose by 4.2% when the COVID-19 containment measures were widely in force

In the second quarter of 2020, the quarter when the COVID-19 containment measures were widely in force in the European Union, the hourly labour costs rose by 4.2% in the euro area and by 4.1% in the European Union (EU), compared with the same quarter of the previous year. In the first quarter of 2020, hourly labour costs increased by 3.7% and 3.9% respectively. These figures are published by Eurostat, the statistical office of the European Union.

The two main components of labour costs are wages & salaries and non-wage costs. In the euro area, the cost of wages & salaries per hour worked grew by 5.2% and the non-wage component grew by 0.8% in the second quarter of 2020 compared with the same quarter of the previous year. In the first quarter of 2020, the annual changes were +3.9% for wages & salaries and +3.1% for the non-wage component. In the EU, the costs of hourly wages & salaries increased by +5.3% and the non-wage component rose by +0.1% in the second quarter of 2020. In the first quarter of 2020, annual changes were +4.1% and +3.3% respectively.

In both the EU and the euro area, the increase in hourly wage costs indicates that the decrease in the number of hours worked, due to the COVID-19 crisis, was not fully compensated by a matching decrease in wages. This increase in hourly wage costs was partly compensated by the moderate increase in the non-wage component, due to tax reliefs and subsidies introduced by EU governments to support enterprises affected by the crisis.

Chosen excerpts by Job Market Monitor. Read the whole story @ Annual growth in labour costs at 4.2% in euro area

Discussion

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Jobs – Offres d’emploi – US & Canada (Eng. & Fr.)

The Most Popular Job Search Tools

Even More Objectives Statements to customize

Cover Letters – Tools, Tips and Free Cover Letter Templates for Microsoft Office

Follow Job Market Monitor on WordPress.com

Enter your email address to follow this blog and receive notifications of new posts by email.

Follow Job Market Monitor via Twitter

Categories

Archives

%d bloggers like this: