Negotiated Wage Growth measures the annual percentage change in the level of wages agreed upon through collective bargaining between employers and trade unions. It serves as a critical indicator of underlying inflationary pressures within the Eurozone, as wage increases often translate into higher consumer prices. The European Central Bank (ECB) monitors this metric closely to assess the risk of wage-price spirals and to inform its monetary policy decisions.
The indicator is calculated by aggregating data from national central banks across the Eurozone regarding collective wage agreements. It reflects the weighted average of negotiated pay increases per employee across various economic sectors.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Aug 21, 2026 | 2.44 | 2.50 | -0.06 |
| May 22, 2026 | 2.46 | 2.70 | -0.24 |
| Feb 20, 2026 | 2.89 | 2.00 | +0.89 |
| Nov 21, 2025 | 1.87 | 3.40 | -1.53 |
| Aug 22, 2025 | 3.95 | 2.20 | +1.75 |
| May 23, 2025 | 2.38 | 4.00 | -1.62 |
| Feb 25, 2025 | 4.12 | 5.10 | -0.98 |
| Nov 20, 2024 | 5.42 | 3.70 | +1.72 |
| Aug 22, 2024 | 3.55 | 4.30 | -0.75 |
| May 23, 2024 | 4.69 | 4.30 | +0.39 |
| Date | First print | Current | Revision |
|---|---|---|---|
| Feb 20, 2026 | 2.95 | 2.89 | -0.06 ↓ |
