Wage Growth in Europe: Evidence From Job Ads

Pawel Adrjan and Reamonn Lydon ()

No 7/EL/22, Economic Letters from Central Bank of Ireland

Abstract: Timely data on wage growth has historically been limited, especially in Europe. While central banks monitor wage developments for signs that could impact the inflation outlook, finding accurate wage growth data has been difficult. We have developed a new monthly wage growth tracker based on data from millions of online job postings on Indeed in six euro-area countries and the UK. Growth in euro-area posted wages accelerated in 2022, reaching 5.2% year-on-year in October — more than three times the pre-pandemic rate — while growth in the UK was 6.2% and appears to have peaked at this level. Wage growth has also become increasingly broad-based, with most occupational categories seeing annual growth in posted wages above 3%. These trends align with central banks’ expectations for wages to continue to grow well above pre-pandemic rates in the near-term.

Date: 2022-11
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