OECD Unit labour costs up 0.2% in the third quarter of 2012
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20/12/2012 - Unit labour costs (ULCs) in the OECD area rose by 0.2% in the third quarter of 2012, driven by continued increases in labour compensation per unit of labour input.
In the United States, ULCs decreased by 0.1% in the third quarter of 2012 (compared with +0.1% in the previous quarter), with labour productivity growth (0.5%) outpacing labour compensation per unit of labour input (0.4%). In the Euro area, ULCs rose by 0.1%, on the back of rising labour compensation per unit of labour input (0.3%) and only marginally increasing labour productivity growth (0.1%).
Early Estimates of Quarterly Unit Labour Costs
Seasonally adjusted data, Total economy
ULCs point to moderate inflationary pressure
in most major OECD countries
Selected areas, year-on-year percentage change
Euro area ULCs continue to adjust
Source: OECD Early Estimates of Quarterly ULC Indicators – Total economy