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Eurozone hourly labor costs grow more slowly in Q3

The rate of growth in eurozone labor costs slowed in the third quarter, increasing by 1.6% compared with the same period a year ago and down from a 1.8% rise in the April-June period, Eurostat said.

Wages and salaries per hour worked also added 1.6% from July to September, while non-wage costs gained 1.5%. These figures compared to growth of 2.1% and 0.8%, respectively, in the preceding quarter.

Construction and services hourly labor costs rose by 2.1%, while industry costs added 1.5% and the non-business economy 0.8%.

Romania, Hungary and Bulgaria registered the highest annual increases in hourly labor costs. Declines were recorded in Finland and Portugal.

In a separate release, Eurostat said seasonally adjusted output in the eurozone construction sector fell by 0.4% after a 0.1% increase in the previous month.

Building construction declined by 0.5% and civil engineering by 0.3%.

In annual terms, construction output increased by 2.0% as building construction rose by 2.2% and civil engineering by 1.4%.