Labor costs up 3.2% in euro area, rise 3.7% in EU during Q1

By Ovunc Kutlu

ANKARA (AA) - The hourly labor costs rose 3.2% in the euro area and 3.7 % in the EU during the first quarter of 2022, compared with the same quarter of the previous year, according to Eurostat figures released Thursday.

In the euro area, the costs of wages and salaries per hour worked increased 2.7% in the January-March period, compared with the same period of last year, the statistical office of the EU said in a statement.

In the EU, the costs of hourly wages and salaries increased 3.3% during that period.

Eurostat said in a separate statement that the job vacancy rate was 3.1% in the euro area, up from 2.8% in the previous quarter and 2.1% in the first quarter of 2021.

The job vacancy rate in the EU was 2.9% in the January-March period of 2022, up from 2.6% in the previous quarter and 2% in the first quarter of last year.

The highest job vacancy rates in the first quarter of 2022 were seen in Czechia with 5.3%, followed by the Netherlands at 4.9%, and Belgium with 4.8%.