Wages and labour costs · Euro Area
Euro Area Labour Cost Index YoY Flash
The Euro Area Labour Cost Index YoY Flash measures how fast pay, or the total cost of employing people, is rising in the Euro Area.
- Важность
- Medium
- Опубликовано
- Quarterly
- Следующая публикация
- Валюта
- EUR · euro
- Центральный банк
- The European Central Bank
Последние данные
Последняя публикация, за Q2, вышла 2026-08-20; значение: 3%. Это ниже, чем 3.2% в прошлый раз.
За последние 5 публикаций значение колебалось от 3% до 3.7%, в среднем 3.3%. Показатель снижался три публикации подряд.
| Опубликовано | Для | Факт | Консенсус | Предыдущее |
|---|---|---|---|---|
| 20 Aug 2026 | Q2 | 3% | – | 3.2% |
| 21 May 2026 | Q1 | 3.3% | – | 3.3% |
| 19 Nov 2025 | Q3 | 3.5% | – | 3.6% |
| 20 Aug 2025 | Q2 | 3.7% | – | 3.4% |
| 20 May 2025 | Q1 | 3.2% | – | 3.7% |
Почему это важно
Wages are the largest cost for service businesses, so wage growth well above productivity growth turns into lasting inflation. Central banks watch it to judge whether inflation will return to target; strong wage growth tends to keep the European Central Bank hawkish.
Как считается
Pay data come from employer surveys, tax records or collective agreements; the release usually shows the change from a year earlier. Labour cost indexes include employers' social contributions and benefits.
Wage growth (yoy) = average pay ÷ average pay a year ago − 1
Real wage growth ≈ wage growth − inflationЧто означают изменения
- Wage growth of about 3–3.5% is roughly consistent with 2% inflation when productivity grows about 1%.
- Compositional effects (low-paid workers losing jobs) can lift the average misleadingly.
Выше ожиданий: A higher figure than expected makes the European Central Bank more likely to keep rates high or raise them: it tends to support the euro and push bond yields up, and is often a weight on stocks.
Ниже ожиданий: A lower figure than expected gives the European Central Bank room to cut or hold rates lower: the euro tends to soften and bond yields to fall.
Краткая история
The link between wages and inflation was described by A. W. Phillips in 1958 (the Phillips curve); it has weakened and strengthened over the decades but remains central to central-bank thinking.
Вопросы
What is the Euro Area Labour Cost Index YoY Flash?
The Euro Area Labour Cost Index YoY Flash measures how fast pay, or the total cost of employing people, is rising in the Euro Area.
What was the latest Euro Area Labour Cost Index YoY Flash?
3% for Q2, published on 20 August 2026.
When is the next Euro Area Labour Cost Index YoY Flash?
On Thursday 19 November 2026 at 10:00 UTC.
Только образовательный материал, не инвестиционная рекомендация. Цифры — опубликованные результаты в том виде, в каком их записал наш календарь; описанные реакции рынка типичны, но не гарантированы.