EU Sources - OECD updates labour costs overview - June 30, 2016

The OECD published an updated version of its overview of unit labour costs (ULC). ULC growth in the OECD area slowed to 0.5% in the first quarter of 2016 (compared with 0.6% in the previous quarter). In the UK, ULC growth slowed (to 0.2%, compared with 0.4% in the previous quarter) as labour productivity growth picked up marginally to 0.2%. In the Euro area, ULC growth also slowed (to 0.1%, compared with 0.3% in the previous quarter), with labour productivity growth picking up slightly (to 0.2%). ULCs were flat in Germany and increased only marginally in France (0.1%). They fell in Italy (minus 0.1%) and Spain (minus 0.6%). However, ULCs accelerated strongly in Greece (up 2.1%, as productivity fell for the 4th straight quarter and compensation costs rose by 1.7%) and Portugal (up 1.6%, with marginal productivity growth).

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