The euro area hourly labor cost growth accelerated more than expected in the first quarter, which aligns with trends revealed by other indicators and the European Central Bank's view that wage pressures are set to remain elevated for some time before entering a downward trajectory next year.
Hourly labor cost grew at a faster pace of 5.1 percent on a yearly basis, which was faster than the 3.4 percent increase seen in the fourth quarter of 2023, data published by Eurostat showed on Monday. The rate was also faster than economists' forecast of 4.9 percent.
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by Renju Jaya
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