According to the report from Eurostat, in the third quarter, the labor cost index in the eurozone grew by 2.5% per annum after a decrease of 0.1% per annum in the second quarter. Economists had expected a 1.2% increase.
The data also showed that in the 3rd quarter, the costs of wages & salaries per hour worked increased by 2.3% per annum, while the non-wage component increased by 3.0% per annum.
As for the type of economic activity, in the 3rd quarter hourly labor costs grew by 2.6% per annum (mainly) in the non-business economy and by 2.4% per annum in the business economy. Growth was recorded in industry (+2.0% per annum), in the construction sector (+2.5% per annum) and in the service sector (+2.6%).
Separate data from Eurostat showed that in October, exports of goods from the eurozone to the rest of the world increased by 7.3% per annum, to 214.0 billion euros. Meanwhile, imports from the rest of the world increased by 24.1% per annum, to 210.4 billion euros. As a result, the trade surplus amounted to 3.6 billion euros compared to 7.3 billion euros. euro in September.