The Wage Costs y/y indicator shows a change in the average hourly earnings of EU employees in the specified quarter compared to the same quarter of the previous year. It is one of the two components of the Labour Cost Index. Wages include direct remuneration paid to employees, bonuses and allowances (monetary and in kind), unused vacation days, costs in kind (meals, tea, fuel, travel expenses, if the employer pays for them).
Wage statistics in EU Member States are collected on monthly, quarterly and yearly basis. The study includes a very detailed survey held every four years. Companies employing 10 or more employees participate in the survey. The study covers all sectors of the economy, with the exception of agriculture, fisheries, public administration and private households.
Results are then calculated by extrapolation based on the performance factor. The full version of the report features aggregate data for the eurozone (19 countries), the European Union (28 countries) and each state separately.
The indicator allows evaluating inflation and forecasting the growth in consumer spending. Labour costs are an important potential indicator of inflation. The indicator is closely monitored by economists, since it is used in the preparation of the monetary policy of the eurozone. It is also important in economic analysis.
The growth in wages allows forecasting an increase in consumer spending and inflationary growth. This has a positive effect on euro quotes.
The chart of the entire available history of the "European Union Wage Costs y/y" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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