Euro zone retail trade dip, labour costs slow

Euro zone retail trade rose by 0.1 per cent in January, but fell 2.2 per cent annually, while labour costs slowed in the fourth quarter, according to new figures from the European Union statistics office Eurostat.

Meanwhile, the volume of retail trade in the EU27 increased by 0.6 per cent compared to December.

Total hourly labour costs in the euro zone rose by 3.8 per cent in nominal terms in the year up to the fourth quarter of 2008, compared with 4.2 per cent for the third quarter of 2008.

In the EU27, the annual rise was 4.6 per cent up to the fourth quarter of 2008, versus 4.2 per cent for the previous quarter.

In the euro zone area, wages and salaries grew by 3.9 per cent in the year in the fourth quarter of 2008, compared with 4.2 per cent for the third quarter. In the EU27, wages and salaries rose by 4.7 per cent versus 4.3 per cent in the third quarter..

The breakdown by economic activity shows that in the euro zone area hourly labour costs rose at an annual rate of 5.4 per cent in industry, 5.1 per cent in construction and 2.6 per cent in services in the fourth quarter.

In the EU27, labour costs grew by 6.per cent in industry, 5.1 per cent in construction and 3.8 per cent in services.