RTTNews - Tuesday, a report by the German Federal Statistics Office said the labor cost index for the industry and service sectors, rose a calendar-adjusted 5.8% year-on-year in the first quarter. This is the highest increase since the series began in 1997. In the fourth quarter, the index was up 4.8% annually.

Compared to the previous quarter, labor costs increased a seasonally adjusted 1.7% in the first quarter.

The statistical office said the rates of change of the labour cost index depend not only on the development of labour costs but also on the number of hours worked. According to the Institute for Employment Research of the Federal Employment Agency, the average number of hours worked per employee decreased by 3.4% in the first quarter compared to the previous year.

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