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German real wages rise in second quarter

Xinhua, September 22, 2016 Adjust font size:

German real wages rose by 2.3 percent in the second quarter of 2016 from the same period of previous year, official data showed on Thursday.

It was the tenth consecutive quarter which saw growth of real wages, according to German federal statistics office Destatis.

Adjusted for inflation, earnings of employees in real estate sector jumped 4.7 percent year on year, driving the wage increase. Workers in transport, logistic, hotel and restaurant business also enjoyed strong income hikes.

Increasing income is one of the favorable factors supporting German domestic demand.

An earlier survey found that German consumer income expectations stand at a very high level, their willingness to buy also remains intact despite terror threats and Britain's decision to leave the European Union.

German retailers' association HDE raised its forecast of 2016 sales growth to 2.5 percent on Wednesday, citing low interest rates and a stable labor market as drivers of buoyant private consumption in the current year. Endit