Eurozone labor costs nudge up in Q3

Labor costs rose in both the 19-country eurozone and the European Union between July and September, official data showed Monday.

Hourly labor costs increased by 1.5 percent and 1.9 percent year-on-year in the third quarter in eurozone and the EU respectively, greater than the previous quarter, according to the EU's statistic office Eurostat.

The two main components of labor costs were wages and salaries as well as non-wage costs. In the eurozone, wages and salaries per hour worked grew by 1.6 percent and the non-wage component by 1.2 percent in the third quarter, said Eurostat.

In the 28-country EU, hourly wages and salaries rose by 2 percent and the non-wage component by 1.5 percent.

Great disparities were recorded among member states.

Romania registered the highest yearly increase of 14.7 percent, followed by the Czech Republic with 9 percent, while decreases were recorded in three countries including Croatia, Malta and Italy.

The readings were short-term indicators showing the development of hourly labor costs incurred by employers in nominal terms without adjusting for price developments, Eurostat noted. Endit