Euro area hourly labor costs rose 3.7% YoY in Q4 2024, down from 4.5% YoY in Q3 2024.

• In the euro area, wages rose 4.1% YoY and non-wage costs rose 2.6%; in the EU, wages rose 4.7% YoY and non-wage costs rose 3.0%.
• Sector-wise, euro area labor costs rose 4.3% YoY in industry, 4.0% in construction, and 3.7% in services.
• In the EU, labor costs rose 4.9% YoY in industry, 4.5% in construction, and 4.2% in services.
• Mining & quarrying saw the highest wage and non-wage cost growth (+6.8% and +7.1% YoY, respectively).
• Croatia (+13.9% YoY), Poland (+13.8%), and Romania (+13.1%) recorded the strongest national wage growth, while real estate had the weakest sectoral wage growth (+2.9%).