Euro Area Labour Cost Index YoY

In the Euro Area, the Labour Cost Index provides a short-term indication of the development of hourly labor costs experienced by employers in nominal terms, that is, without taking into account price developments. It is computed by dividing the cost of labor in national currency by the number of hours worked in that currency. In order to measure quarterly variations in hourly employers' expenses, total labor costs and their primary components: wages and salaries; and nonwage expenditures are taken into consideration (labor costs other than wages and salaries). Wage and non-wage expenditures, as well as subsidies, are included in total labor costs (TOT). However, they do not cover expenditures for occupational training or other expenses such as recruitment charges, expenditures for working attire, and so on.