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Economy in Brief

German Wage and Salary Trends Turn Lower…
by Robert Brusca November 19, 2007

German wages and salaries are losing momentum. In inflation-adjusted terms the slow down is substantial and has turned real trends negative over the past year. The downward pressure is not abating. In September nominal wages and salaries per hour (including construction) fell by 0.7%. In that same month the HICP rose by 0.7%. The real wage dropped by 1.4% a bit slower than their 2% drop in August but more severe than in July - all are m/m calculations. Yr/Yr nominal wages and salaries per hour are lower by 1.3%; in real terms they are lower by a stunning 4%. Over three months the annualized rate of decline is greater still.

German Wage and Salary Trends
  Sep-07 Aug-07 Jul-07 3-Mo 6-Mo 12-Mo
Wages & Salaries -0.7% -2.1% 1.0% -6.8% -1.6% -1.3%
Real Wages & Salaries  -1.4% -2.0% 0.9% -9.9% -4.7% -4.0%
Wages & Salaries less HICP on same tenor    
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