Euro zone wage growth to rebound slightly next year, ECB says
SPY•The ECB said euro zone wage growth is likely to rebound slightly in the first nine months of next year based on recent pay deals. Its tracker excluding one-off payments rose from 2.6% in 2026 to 2.8% for the first three quarters of 2027.
1. Wage tracker outlook
The ECB said its wage tracker, which covers active collective bargaining agreements, put pay hikes at 2.7% in the second half of this year. The tracker, which smooths one-off payments over 12 months, points to a decline to 2.4% in the third quarter of next year, although the bank cautioned that estimate is based on a limited sample. Excluding one-off payments, the tracker increased from 2.6% in 2026 to 2.8% for the first three quarters of 2027.
