Europe labor-cost rise is fastest in more than a year
Average salaries the world over will rise more than inflation next year, a survey by Mercer Human Resources Consulting showed yesterday. In Europe, wages will rise 3.7% in Italy, 3% in France and 2.3% in Germany, according to the survey. The ECB predicts the inflation rate will be 2.4%. The International Monetary Fund today raised its forecast for euro-area growth to 2.4% from a 2% estimate in April. The jobless rate fell to 7.8% in July from 8.9% in September 2004. Inflation in the euro area has exceeded the ECB's 2% ceiling for 18 consecutive months. Trichet said on Sept. 9 that the bank would exercise „strong vigilance,” a term he has used over the past year to signal a rate increase is imminent. The next decision is Oct. 5. (Bloomberg)
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