RTTNews - Eurozone's labor cost index rose a working day adjusted 3.7% year-on-year in the first quarter, slower than a 4% increase in the fourth quarter, a report by the Eurostat said Tuesday. Economists expected an increase of 3%.

During the first quarter, wages and salaries grew 3.6% annually compared to a 3.9% growth in the fourth quarter, while the non-wage costs were up 4.5% compared to a 4.4% rise in the preceding quarter.

Meanwhile, the labor cost index showed an annual increase of 1.5% in the first quarter in the EU27 compared to a 4.5% growth in the fourth quarter.

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