Eurozone Negotiated Wage Growth Slowed to 3.6% in 2Q, ECB Says
Eurozone negotiated wage growth slowed to 3.6% in 2Q, ECB says The Eurozone's negotiated wage growth decelerated to 3.6% in Q2 2024, according to data released by the European Central Bank (ECB).
Eurozone negotiated wage growth slowed to 3.6% in 2Q, ECB says The Eurozone's negotiated wage growth decelerated to 3.6% in Q2 2024, according to data released by the European Central Bank (ECB). This decline is a departure from the elevated wage growth rates experienced since 2021, which reached a peak of 5.2% in 2023. The ECB's wage tracker provides valuable insights into recent developments in wage growth across the Eurozone.
This tool indicates that overall wage pressures have moderated since 2023, signaling a potential slowdown in future wage growth. However, the wage growth rate in 2024 is expected to remain above average and display a bumpy profile.
The ECB's wage tracker also reveals that wage growth in the Eurozone has been primarily driven by wage drift – elements not agreed through collective bargaining – since the pandemic.
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