The labour market follows enough solid


Labour costs increased its year-on-year rate of growth in 0.4 p.p., until 1.8 % in the 2T17, slightly above average of last two years. The behaviour by countries is very uneven and still reflects efforts of the more affected by the crisis to win competitiveness: in Germany, grow to rhythms of the 2.3 %, whereas, in Italy, only at 0.7 % and, in Spain, at 0.4 %. On the other hand, the job creation still reflects the good moment through which is going through the economy of the EMU: +0.4% quarterly in the 3T17, in line with the average of the latest year. In all countries is registered a generation of positive employment, emphasising Spain (0.9 %) and Portugal (0.7 %).

Furthermore, in the EMU, the industrial production was not recovered in July of the fall of the previous month (0.1 % vs -0.6 %), when accusing the recession of the energy production (-1.2% vs 0.8 %), although its fund trend is still positive.

Source: Bankia Studies