{"id":20826,"date":"2024-05-24T12:53:51","date_gmt":"2024-05-24T11:53:51","guid":{"rendered":"https:\/\/latribune.lazardfreresgestion.fr\/?p=20826"},"modified":"2024-05-24T12:53:51","modified_gmt":"2024-05-24T11:53:51","slug":"euro-zone-wage-growth-remains-strong-in-q1","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/euro-zone-wage-growth-remains-strong-in-q1\/","title":{"rendered":"Euro zone: wage growth remains strong in Q1"},"content":{"rendered":"

Chart of the Week<\/h2>\n

The ECB has just published its estimate of the progression in European wages negotiated by collective agreement in the first quarter. Although a decline was anticipated, the level remains high, at +4.7%. Will this data prevent the ECB from cutting rates in June?<\/p>\n

\"\"<\/p>\n

OUR <\/b>ANALYSIS<\/b><\/h3>\n

This metric considers only wage trends stemming from collective agreements in European companies. Numerous other factors can impact overall wage growth. Additionally, collective negotiations often span multiple years. The ECB provides an estimation of the progression of wages based on the entire period covered by collective agreements, including increases spread over several quarters or years. In a blog post accompanying the first quarter data release, ECB economists note that this trajectory is now lower than what was estimated last December.<\/p>\n

The second point that puts this figure into perspective is that it seems to be connected with a particularly strong trend in Germany, linked to exceptional payments in this quarter. Lastly, the payrolls tracker for new job postings, published by the Central Bank of Ireland, slowed again in April.<\/p>\n

It therefore seems unlikely that this higher-than-expected statistic will prevent the ECB from cutting rates in June, given statements from several Monetary Policy Committee members in favour of such a move. However, if wages were to slow less quickly than expected, that might cause the ECB to hold off longer before lowering its rates once more.<\/p>\n

***<\/p>\n

Written on May 24, 2024. This is not an investment advice. Opinions subject to change.<\/p>\n

See also: https:\/\/latribune.lazardfreresgestion.fr\/en\/tokyo-to-the-rescue\/<\/a><\/p>\n

This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 \u2013 Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES \u2013 75008 PARIS, FRANCE<\/p>\n","protected":false},"excerpt":{"rendered":"

Chart of the Week The ECB has just published its estimate of the progression in European wages negotiated by collective… <\/p>\n","protected":false},"author":101016,"featured_media":20583,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[1931,2677,2676],"class_list":["post-20826","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","tag-ecb","tag-european","tag-q1"],"yoast_head":"\nEuro zone: wage growth remains strong in Q1<\/title>\n<meta name=\"description\" content=\"The yen has had a turbulent week against the US dollar.The ECB has just published its estimate of the progression in European wages negotiated by collective agreement in the first quarter.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/euro-zone-wage-growth-remains-strong-in-q1\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Euro zone: wage growth remains strong in Q1\" \/>\n<meta property=\"og:description\" content=\"The yen has had a turbulent week against the US dollar.The ECB has just published its estimate of the progression in European wages negotiated by collective agreement in the first quarter.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/euro-zone-wage-growth-remains-strong-in-q1\/\" \/>\n<meta property=\"og:site_name\" content=\"Tribune Lazard Fr\u00e8res Gestion\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-24T11:53:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/02\/Banque-centrale-BCE-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1177\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lazard Freres Gestion\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@LazardGestion\" \/>\n<meta name=\"twitter:site\" content=\"@LazardGestion\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lazard Freres Gestion\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/euro-zone-wage-growth-remains-strong-in-q1\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/euro-zone-wage-growth-remains-strong-in-q1\\\/\"},\"author\":{\"name\":\"Lazard Freres Gestion\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#\\\/schema\\\/person\\\/4a2bad19c535814f1e1473d181f83e9c\"},\"headline\":\"Euro zone: wage growth remains strong in Q1\",\"datePublished\":\"2024-05-24T11:53:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/euro-zone-wage-growth-remains-strong-in-q1\\\/\"},\"wordCount\":356,\"publisher\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/euro-zone-wage-growth-remains-strong-in-q1\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/Banque-centrale-BCE-scaled.jpg\",\"keywords\":[\"ECB\",\"European\",\"Q1\"],\"articleSection\":[\"Chart of the week\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/euro-zone-wage-growth-remains-strong-in-q1\\\/\",\"url\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/euro-zone-wage-growth-remains-strong-in-q1\\\/\",\"name\":\"Euro zone: wage growth remains strong in Q1\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/euro-zone-wage-growth-remains-strong-in-q1\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/euro-zone-wage-growth-remains-strong-in-q1\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/Banque-centrale-BCE-scaled.jpg\",\"datePublished\":\"2024-05-24T11:53:51+00:00\",\"description\":\"The yen has had a turbulent week against the US dollar.The ECB has just published its estimate of the progression in European wages negotiated by collective agreement in the first quarter.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/euro-zone-wage-growth-remains-strong-in-q1\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/euro-zone-wage-growth-remains-strong-in-q1\\\/#primaryimage\",\"url\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/Banque-centrale-BCE-scaled.jpg\",\"contentUrl\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/Banque-centrale-BCE-scaled.jpg\",\"width\":2560,\"height\":1177},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/\",\"name\":\"Tribune Lazard Fr\u00e8res Gestion\",\"description\":\"Blog\",\"publisher\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#organization\",\"name\":\"Lazard Fr\u00e8res Gestion\",\"url\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/wp-content\\\/uploads\\\/2019\\\/03\\\/LOGOLINKEDINVF-2.png\",\"contentUrl\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/wp-content\\\/uploads\\\/2019\\\/03\\\/LOGOLINKEDINVF-2.png\",\"width\":5000,\"height\":5000,\"caption\":\"Lazard Fr\u00e8res Gestion\"},\"image\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/x.com\\\/LazardGestion\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/lazard-freres-gestion\\\/\",\"https:\\\/\\\/www.youtube.com\\\/channel\\\/UCI1a03ScxMW6clPl82UO_tQ\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#\\\/schema\\\/person\\\/4a2bad19c535814f1e1473d181f83e9c\",\"name\":\"Lazard Freres Gestion\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g\",\"caption\":\"Lazard Freres Gestion\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Euro zone: wage growth remains strong in Q1","description":"The yen has had a turbulent week against the US dollar.The ECB has just published its estimate of the progression in European wages negotiated by collective agreement in the first quarter.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/latribune.lazardfreresgestion.fr\/en\/euro-zone-wage-growth-remains-strong-in-q1\/","og_locale":"en_US","og_type":"article","og_title":"Euro zone: wage growth remains strong in Q1","og_description":"The yen has had a turbulent week against the US dollar.The ECB has just published its estimate of the progression in European wages negotiated by collective agreement in the first quarter.","og_url":"https:\/\/latribune.lazardfreresgestion.fr\/en\/euro-zone-wage-growth-remains-strong-in-q1\/","og_site_name":"Tribune Lazard Fr\u00e8res Gestion","article_published_time":"2024-05-24T11:53:51+00:00","og_image":[{"width":2560,"height":1177,"url":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/02\/Banque-centrale-BCE-scaled.jpg","type":"image\/jpeg"}],"author":"Lazard Freres Gestion","twitter_card":"summary_large_image","twitter_creator":"@LazardGestion","twitter_site":"@LazardGestion","twitter_misc":{"Written by":"Lazard Freres Gestion","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/euro-zone-wage-growth-remains-strong-in-q1\/#article","isPartOf":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/euro-zone-wage-growth-remains-strong-in-q1\/"},"author":{"name":"Lazard Freres Gestion","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#\/schema\/person\/4a2bad19c535814f1e1473d181f83e9c"},"headline":"Euro zone: wage growth remains strong in Q1","datePublished":"2024-05-24T11:53:51+00:00","mainEntityOfPage":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/euro-zone-wage-growth-remains-strong-in-q1\/"},"wordCount":356,"publisher":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#organization"},"image":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/euro-zone-wage-growth-remains-strong-in-q1\/#primaryimage"},"thumbnailUrl":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/02\/Banque-centrale-BCE-scaled.jpg","keywords":["ECB","European","Q1"],"articleSection":["Chart of the week"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/euro-zone-wage-growth-remains-strong-in-q1\/","url":"https:\/\/latribune.lazardfreresgestion.fr\/en\/euro-zone-wage-growth-remains-strong-in-q1\/","name":"Euro zone: wage growth remains strong in Q1","isPartOf":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/euro-zone-wage-growth-remains-strong-in-q1\/#primaryimage"},"image":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/euro-zone-wage-growth-remains-strong-in-q1\/#primaryimage"},"thumbnailUrl":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/02\/Banque-centrale-BCE-scaled.jpg","datePublished":"2024-05-24T11:53:51+00:00","description":"The yen has had a turbulent week against the US dollar.The ECB has just published its estimate of the progression in European wages negotiated by collective agreement in the first quarter.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/latribune.lazardfreresgestion.fr\/en\/euro-zone-wage-growth-remains-strong-in-q1\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/euro-zone-wage-growth-remains-strong-in-q1\/#primaryimage","url":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/02\/Banque-centrale-BCE-scaled.jpg","contentUrl":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/02\/Banque-centrale-BCE-scaled.jpg","width":2560,"height":1177},{"@type":"WebSite","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#website","url":"https:\/\/latribune.lazardfreresgestion.fr\/en\/","name":"Tribune Lazard Fr\u00e8res Gestion","description":"Blog","publisher":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/latribune.lazardfreresgestion.fr\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#organization","name":"Lazard Fr\u00e8res Gestion","url":"https:\/\/latribune.lazardfreresgestion.fr\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#\/schema\/logo\/image\/","url":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/03\/LOGOLINKEDINVF-2.png","contentUrl":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/03\/LOGOLINKEDINVF-2.png","width":5000,"height":5000,"caption":"Lazard Fr\u00e8res Gestion"},"image":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/LazardGestion","https:\/\/www.linkedin.com\/company\/lazard-freres-gestion\/","https:\/\/www.youtube.com\/channel\/UCI1a03ScxMW6clPl82UO_tQ"]},{"@type":"Person","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#\/schema\/person\/4a2bad19c535814f1e1473d181f83e9c","name":"Lazard Freres Gestion","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g","caption":"Lazard Freres Gestion"}}]}},"_links":{"self":[{"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/posts\/20826","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/users\/101016"}],"replies":[{"embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/comments?post=20826"}],"version-history":[{"count":1,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/posts\/20826\/revisions"}],"predecessor-version":[{"id":20829,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/posts\/20826\/revisions\/20829"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/media\/20583"}],"wp:attachment":[{"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/media?parent=20826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/categories?post=20826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/tags?post=20826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}