According to recent data published by the European statistics office, Eurostat, total hourly labor cost is decreasing, both in the Euro area and in the EU27, in the second quarter of 2008. During this period, the lowest annual increase was registered in Germany (+0.7%). (Ref. 080692)
In the Euro area, compared with 3.5% for the previous quarter. In the EU27, the annual rise was 3.4% up to the second quarter of 2008, compared with 4.4% for the previous quarter.
Salaries and non-wage costs. When analyzing wage costs, there are two main components are wages and salaries and non-wage costs. In the euro area, wages & salaries grew by 2.8% in the year up to the second quarter of 2008, and non-wage costs by 2.2%, compared with 3.7% and 2.7% respectively for the first quarter of 200
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