Monthly Bulletin July 2009 - Banque de France

EURO AREA
STATISTICS
Prices, output,
demand and
labour markets
5.1 HICP, other prices and costs
(annual percentage changes, unless otherwise indicated)
4. Unit labour costs, compensation per employee and labour productivity 1)
(seasonally adjusted)
Total Total By economic activity
(index
2000 = 100) Agriculture, hunting, Mining, Construction Trade, repairs, hotels and Financial, real estate, Public administration,
forestry and fishing manufacturing restaurants, transport and renting and business education, health
and energy communication services and other services
1 2 3 4 5 6 7 8
Unit labour costs 2)
2005 109.0 1.2 8.7 -1.1 2.9 1.3 2.1 2.0
2006 110.0 1.0 2.8 -0.7 3.6 0.1 2.6 2.2
2007 111.8 1.6 1.8 -0.3 3.9 1.1 2.6 2.1
2008 115.3 3.2 -0.2 3.5 1.9 3.3 3.0 3.3
2008 Q1 113.5 2.5 1.2 1.0 2.1 1.8 4.0 3.0
Q2 114.8 2.9 -0.9 1.4 2.0 2.5 2.7 4.6
Q3 115.7 3.5 -0.9 3.9 2.6 4.4 3.5 2.8
Q4 117.9 4.5 -0.4 9.1 2.1 5.1 2.1 3.2
2009 Q1 119.9 5.7 . . . . . .
Compensation per employee
2005 112.3 2.0 2.4 1.8 2.0 2.1 2.4 1.9
2006 114.9 2.3 3.3 3.4 3.5 1.5 2.4 1.6
2007 117.8 2.5 3.8 2.9 3.0 2.1 2.3 2.5
2008 121.4 3.1 3.1 2.9 3.9 3.0 2.3 3.5
2008 Q1 120.2 3.1 3.8 3.4 3.5 2.5 2.6 3.3
Q2 121.2 3.2 2.8 2.7 4.1 2.3 2.2 4.4
Q3 121.9 3.5 3.1 3.1 4.5 4.2 2.8 3.2
Q4 122.5 2.8 2.5 2.6 3.8 3.1 1.6 3.3
2009 Q1 122.5 1.9 . . . . . .
Labour productivity 3)
2005 103.1 0.8 -5.8 2.9 -0.8 0.8 0.3 -0.1
2006 104.4 1.3 0.5 4.2 -0.2 1.4 -0.2 -0.5
2007 105.4 0.9 2.0 3.3 -0.8 1.0 -0.3 0.4
2008 105.3 -0.1 3.2 -0.5 1.9 -0.3 -0.7 0.2
2008 Q1 105.9 0.6 2.5 2.3 1.4 0.7 -1.3 0.4
Q2 105.6 0.3 3.7 1.2 2.0 -0.1 -0.5 -0.2
Q3 105.4 -0.1 4.0 -0.8 1.9 -0.2 -0.7 0.4
Q4 103.9 -1.6 2.9 -6.0 1.6 -2.0 -0.4 0.1
2009 Q1 102.1 -3.6 2.5 -13.2 1.2 -3.7 0.2 -0.1
1), 4)
5. Hourly labour costs
Total Total By component By selected economic activity Memo:
(s.a. index
indicator
2000 = 100) Wages and Employers’ social Mining, Construction Services of
salaries contributions manufacturing negotiated
and energy wages 5)
% of total 6) 100.0 100.0 73.1 26.9 34.6 9.1 56.3
1 2 3 4 5 6 7 8
2005 116.5 2.3 2.3 2.1 2.2 1.7 2.4 2.1
2006 119.4 2.3 2.3 2.2 3.3 1.5 1.9 2.3
2007 122.5 2.7 2.9 2.0 2.6 2.9 2.6 2.1
2008 126.8 3.3 3.3 3.1 3.6 4.0 3.0 3.2
2008 Q1 124.8 3.3 3.7 2.5 3.7 4.2 2.9 2.8
Q2 125.9 2.3 2.4 2.2 2.3 3.6 2.2 2.9
Q3 127.4 3.4 3.4 3.3 2.8 3.5 3.7 3.4
Q4 128.9 4.0 3.9 4.4 5.6 4.6 3.0 3.6
2009 Q1 . 3.7 3.6 4.5 6.1 3.6 2.4 3.2
Sources: Eurostat, ECB calculations based on Eurostat data (Table 4 in Section 5.1 and column 7 in Table 5 in Section 5.1) and ECB calculations (column 8 in Table 5 in Section 5.1).
1) Data refer to Euro 16.
2) Compensation (at current prices) per employee divided by value added (volumes) per person employed.
3) Value added (volumes) per person employed.
4) Hourly labour costs for the whole economy, excluding agriculture, public administration, education, health and services not elsewhere classified. Owing to differences in
coverage, the estimates for the components may not be consistent with the total.
5) Experimental data (see the ECB website for further details).
6) In 2000.
ECB
Monthly Bulletin
July 2009S 49