German real wages rise 2.3 percent year/year in the second quarter
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
People walk through the Mall of Berlin shopping centre during its opening night in Berlin, September 24, 2014. REUTERS/Thomas Peter/File Photo
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
BERLIN (Reuters) - German real wages rose by 2.3 percent on the year in the second quarter, data showed on Thursday, in another positive sign for private consumption which has become the main driver of growth in Europe's biggest economy.
The Federal Statistics Office said nominal wages increased by 2.4 percent on the year between April and June while consumer prices rose by 0.1 percent in the second quarter.
The increase was mainly driven by strong wage hikes for workers in the real estate business, transport and logistics sector as well as catering industry.
In 2015, German real wages rose by 2.5 percent on the year, which was the strongest rate since 1992.
Chancellor Angela Merkel's government introduced a national minimum wage of 8.50 euros ($9.54) per hour at the beginning of 2015, raising the purchasing power of low-income households.
In addition, favorable economic conditions and a continued upswing have enabled companies and unions to agree on robust pay hikes, also in 2016.
($1 = 0.8912 euros)
(Reporting by Michael Nienaber; editing by Ralph Boulton)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Delta Air Lines (DAL) Announces Dan Csont as Vice President of Brand Management
- Cadillac disavows casting call for 'neo-Nazi' character in brand ad
- Veteran leader Gruevski seeks comeback in Macedonian poll
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!