According to the forecasts of the staff of the Eurosystem - the group of central banks of countries which use the Euro as their currency - the rate of increase in unit labor costs (the labor cost at which one unit of production is produced) will decrease considerably over the coming years, declining from a rate of 6.1 percent in 2023, to 4.1 percent in 2024 and 2.6 percent in 2025. This decrease in unit labor costs is set to be driven by a slowing in the growth of compensation per employee, which will decline from 5.3 percent in 2023 to 4.6 percent in 2024, coupled with an increase in labor productivity, the total output per person employed.
Forecasted increases in unit labor costs, compensation per employee, and labor productivity in the Eurozone currency area from 2023 to 2026
(in percentage terms)
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ECB. (December 14, 2023). Forecasted increases in unit labor costs, compensation per employee, and labor productivity in the Eurozone currency area from 2023 to 2026 (in percentage terms) [Graph]. In Statista. Retrieved October 30, 2024, from https://www.statista.com/statistics/1440599/forecasted-labor-cost-growth-rate-eurozone/
ECB. "Forecasted increases in unit labor costs, compensation per employee, and labor productivity in the Eurozone currency area from 2023 to 2026 (in percentage terms) ." Chart. December 14, 2023. Statista. Accessed October 30, 2024. https://www.statista.com/statistics/1440599/forecasted-labor-cost-growth-rate-eurozone/
ECB. (2023). Forecasted increases in unit labor costs, compensation per employee, and labor productivity in the Eurozone currency area from 2023 to 2026 (in percentage terms) . Statista. Statista Inc.. Accessed: October 30, 2024. https://www.statista.com/statistics/1440599/forecasted-labor-cost-growth-rate-eurozone/
ECB. "Forecasted Increases in Unit Labor Costs, Compensation per Employee, and Labor Productivity in The Eurozone Currency Area from 2023 to 2026 (in Percentage Terms) ." Statista, Statista Inc., 14 Dec 2023, https://www.statista.com/statistics/1440599/forecasted-labor-cost-growth-rate-eurozone/
ECB, Forecasted increases in unit labor costs, compensation per employee, and labor productivity in the Eurozone currency area from 2023 to 2026 (in percentage terms) Statista, https://www.statista.com/statistics/1440599/forecasted-labor-cost-growth-rate-eurozone/ (last visited October 30, 2024)
Forecasted increases in unit labor costs, compensation per employee, and labor productivity in the Eurozone currency area from 2023 to 2026 (in percentage terms) [Graph], ECB, December 14, 2023. [Online]. Available: https://www.statista.com/statistics/1440599/forecasted-labor-cost-growth-rate-eurozone/
