Wages and labour costs · Euro Area
Euro Area ECB Wage Tracker
The Euro Area ECB Wage Tracker measures how fast pay, or the total cost of employing people, is rising in the Euro Area.
- 重要性
- Medium
- 货币
- EUR · euro
- 中央银行
- The European Central Bank
最新数据
最新一期（Q4）于 2025-12-19 公布，数值为 2.7%。 高于上次的 2.5%（已修正）。
| 发布时间 | 期限 | 实际值 | 预期值 | 前值 |
|---|---|---|---|---|
| 19 Dec 2025 | Q4 | 2.7% | – | 2.5% ® |
为何重要
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.
计算方法
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 − inflation变化意味着什么
- 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.
高于预期：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.
低于预期：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.
简史
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.
问题
What is the Euro Area ECB Wage Tracker?
The Euro Area ECB Wage Tracker measures how fast pay, or the total cost of employing people, is rising in the Euro Area.
What was the latest Euro Area ECB Wage Tracker?
2.7% for Q4, published on 19 December 2025.
仅供学习参考，不构成投资建议。数据为我们日历记录的已发布结果；所述市场反应为典型情况，并无保证。