Home > Uncategorized > Wages and the real austerity agenda – Spain and Greece and UK edition

Wages and the real austerity agenda – Spain and Greece and UK edition

Today, Eurostat published new data on hourly wages, 2012 fourth quarter. Wow. One of the sectors mentioned in this report is:

“The mainly non-business economy … this accounts for about 30% of the labour costs of the whole economy. It contains O Public administration and defence; compulsory social security, P Education, Q Human health and social work activities, R Arts, entertainment and recreation, S Other service activities”

In the UK, average nominal hourly wages costs in this sector declined with 4% compared with 2011, fourth quarter (consumer price inflation in this period: about 3%). In Spain, the decline was a whopping -11.5% (inflation: about 3%). In Greece: -20.9 (minustwentypointnine). At the same time, wages in the business economy in the UK increased with 2.9% and in Spain with +0.3%. Greece: -8.2%. Somehow, I’m getting the impression that increasing competetivity of the business sector might not be the most important part of the austerity agenda…
Oh, and this blogpost of course shows that countries which ‘frontloaded’ austerity, like Lithuania and Estonia, are at this moment (and about three years after the front loading) shedding jobs at an alarming rate.
  1. March 20, 2013 at 12:15 pm

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