Eurozone hourly labor cost growth decelerated in the second quarter, driven by slower wage increases, according to data released by Eurostat on Monday.
On an annual basis, hourly labor costs increased by 4.7 percent, down from a 5.0 percent rise in the first quarter.
Breaking down the components of labor costs, wages and salaries grew by 4.5 percent, compared to a 5.2 percent increase in the previous quarter. However, growth in non-wage costs picked up, accelerating to 5.2 percent from 4.6 percent. Additional data revealed that hourly labor costs in the industry and construction sectors rose by 4.8 percent and 5.3 percent, respectively. In the service sector, the rise in labor costs was recorded at 4.5 percent.
