ECB Wage Tracker Indicates Higher Permanent Wage Growth Through September 2027
The ECB reports negotiated wage growth reaching 2.8% for the first three quarters of 2027 when excluding one-off payments, reflecting a slight increase compared to the full year of 2026.
By Orion Desk
The European Central Bank's headline wage tracker, which smooths one-off payments over twelve months, shows negotiated wage growth of 2.7% for the second half of 2026 and 2.8% for the first half of 2027. Data excluding these one-off payments indicates that permanent negotiated wage growth will average 2.8% during the first nine months of 2027, higher than the 2.6% average recorded for the entirety of 2026.
For those monitoring the euro, these figures provide insight into the evolution of structural wage pressures within the labor market. As the tracker's forward-looking horizon now extends to September 2027, market participants will observe how these indicators shift as employee coverage increases and more collective bargaining agreements are finalized.
Originally published by European Central Bank
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