Hourly labor costs rose by 1% in the eurozone, 1.4% in the EU and 0.6% in Cyprus in Q2 2016

Hourly labor costs rose by 1.0% in the euro area (EA19), by 1.4% in the EU28 and by 0.6% in Cyprus, during the second quarter of 2016, compared with the same quarter of the previous year.

In the first quarter of 2016, hourly labor costs increased by 1.6% in both zones and by 0.5% in Cyprus.

The two main components of labor costs are wages & salaries and non-wage costs. In the euro area, wages & salaries per hour worked grew by 0.9% and the non-wage component by 1.4%, in the second quarter of 2016 compared with the same quarter of the previous year. For Cyprus the increase is 0.6 and 0.3 respectively.

In the EU28, hourly wages & salaries rose by 1.3% and the non-wage component by 1.6% in the second quarter of 2016.

In the second quarter of 2016 compared with the same quarter of the previous year, hourly labour costs in the euro a .

Source: Cyprus News Agency.