Euro area: Labor cost
* indicates monthly or quarterly data series
The most recent value is 117.4 index points as of Q3 2024, an increase compared to the previous value of 116.1 index points. Historically, the average for Euro area from Q1 2002 to Q3 2024 is 87.37 index points. The minimum of 66.4 index points was recorded in Q1 2002, while the maximum of 117.4 index points was reached in Q3 2024.
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* indicates monthly or quarterly data series
- Measure: index points
- Source: Eurostat
| Recent values | Euro area: Labor cost index |
|---|---|
| 2024 Q3 | 117.4 |
| 2024 Q2 | 116.1 |
| 2024 Q1 | 114.9 |
| 2023 Q4 | 113.4 |
| 2023 Q3 | 112.1 |
| 2023 Q2 | 110.6 |
| 2023 Q1 | 109.7 |
| 2022 Q4 | 108.8 |
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Definition: The index reflects the level of the total compensation of employees in the economy. Labor costs are defined as core expenditure borne by employers for the purpose of employing staff. They include employee compensation, with wages and salaries in cash and in kind, employers' social security contributions and employment taxes regarded as labor costs minus any subsidies received.
| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Employment | 168.86 | Q2/2023 | million employed people |
| Unemployment rate | 6.30 | 12/2024 | percent |
| Labor cost | 117.40 | Q3/2024 | index points |