French hourly wages rose 0.2% QoQ and 2.0% YoY in Q2 2025, while hourly labor costs increased at the same pace, reflecting continued but slowing growth compared with earlier quarters.

• Wage growth slowed from +2.6% YoY in Q1 to +2.0% in Q2, consistent with easing inflation feeding into wage negotiations.

• The Q2 flash estimate for wages was confirmed at +2.0% YoY, while labor costs were revised down -0.1 ppt; Q1 figures for both wages and costs were revised up +0.1 ppt due to updated reporting.

• Industry wages declined -0.1% QoQ but were up 2.2% YoY, softening from +2.8% in Q1, while services wages rose 0.1% QoQ and 1.8% YoY (vs +2.6% previously).

• Construction wages increased 0.9% QoQ and 2.3% YoY, a slight acceleration from +2.2% in Q1, contrasting with weakness in other sectors.

• Hourly labor costs mirrored wages, with industry at +2.2% YoY (vs +3.0% prior), services at +1.9% YoY (vs +2.7%), and construction slightly stronger at +2.6% YoY (vs +2.4%).

• Within services, earnings growth was strongest in information & communication (+3.3% YoY) and financial & insurance activities (+3.3% YoY), but weaker in wholesale/retail (+1.4% YoY) and administrative/support services (+1.0% YoY).

• The consumer price index slowed to +0.8% YoY in Q2 (vs +1.1% prior), helping explain the moderation in nominal wage growth.

French hourly wages in the non-agricultural market sector (excluding household services) were flat at 0.0% QoQ in Q2 2025, with annual growth slowing to 2.0% from 2.5% in Q1.

• Hourly labor costs rose 0.1% QoQ and 2.2% YoY, down from 2.7% YoY in Q1.
• Industry wages fell -0.2% QoQ but rose 2.2% YoY, while labor costs were flat QoQ and up 2.4% YoY.
• Construction wages rose 1.0% QoQ and 2.5% YoY, with labor costs up 1.2% QoQ and 2.8% YoY.
• Services wages slipped -0.1% QoQ and grew 1.9% YoY, with labor costs unchanged QoQ and up 2.0% YoY.

French hourly wages in the non-agricultural market sector (excluding household services) rose 0.1% QoQ and 2.5% YoY in Q1 2025, revised up from the first estimate of 2.3% YoY.

• Hourly labor costs increased 0.5% QoQ and 2.7% YoY, revised up from 2.4% YoY in the first estimate but slower than 2.9% YoY in Q4 2024.
• Industry wages rose 0.5% QoQ and 2.8% YoY, while construction wages dropped -1.9% QoQ and slowed to 2.3% YoY.
• Services wages increased 0.3% QoQ and 2.5% YoY, with gains led by information & communication (+3.4% YoY) and real estate activities (+3.8% YoY).
• Labor cost growth was highest in financial & insurance activities (+2.9% QoQ, +4.8% YoY) and information & communication (+1.0% QoQ, +3.5% YoY).
• The decline in Value Sharing Premium (PPV) payments—from €1.8B in Q4 to €520M in Q1—helped explain the wage growth deceleration.

French hourly wages in the non-agricultural market sector (excluding household services) rose 0.1% QoQ and 2.3% YoY in Q1 2025, slowing slightly from 2.4% YoY in Q4 2024.

• Hourly labor costs increased 0.5% QoQ and 2.4% YoY, down from 2.7% YoY in Q4.
• Industry wages fell -0.7% QoQ but rose 2.5% YoY, down from 3.2% YoY.
• Construction wages dropped -2.0% QoQ and were up 2.0% YoY, down from 2.9% YoY.
• Services wages rose 0.6% QoQ and 2.2% YoY, slightly up from 2.0% YoY.
• The Value Sharing Premium (PPV) payments remained stable at €520 million in Q1 2025 vs €500 million a year earlier.

French labor wages increased 0.7% QoQ and 2.4% YoY in Q4 2024, down from 2.8% YoY in Q3 2024 and slightly higher than the initial estimate.

• Industry labor wages were up 1.3% QoQ and 3.2% YoY, down from 3.4% YoY.
• Services labor wages increased 0.6% QoQ and 2.0% YoY, down from 2.5% YoY.
• Construction labor wages increased 0.5% QoQ and 2.9% YoY, down from 3.4% YoY.

French hourly wages increased 0.5% QoQ and 2.1% YoY in Q4 2024, down from 2.8% YoY in Q3 2024.

• Hourly labor costs were up 0.3% QoQ and 2.5% YoY, a strong easing from 3.2% YoY.
• Industry labor costs grew 1.1% QoQ, and services labor costs edged up 0.1% QoQ.
• In 2024, hourly wages were up 2.7%, easing from 4.2% wage growth in 2023.