Eurozone Q2 Labour Cost Rises 3.1% Year-on-Year, Final Reading Confirms

The absence of a revision matters more than the level itself: it removes one source of uncertainty for policymakers weighing wage-driven inflation against a slowing economy. The read-through lands on the ECB, which has tied its easing path to whether negotiated pay is genuinely cooling, and on rate-sensitive sectors across the currency bloc. Whether labour cost growth keeps decelerating in the next reading is the open question, since a stall would complicate the case for further easing.