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Euro Zone Wage Rises Slow Pace, August Inflation Cools

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Labour costs in the euro zone rose at their slowest pace in four years in the second quarter in a sign that the bloc's indebted economies are becoming more competitive, while inflation in August remained low.

Nominal hourly labour costs in the 17 countries using the euro grew by 0.9 percent in the April-to-June period, following a 1.7 percent increase in the first quarter, the EU's statistics office Eurostat said on Monday.

Eurostat also said consumer prices in the euro zone edged up by 0.1 percent on the month in August, following a 0.5 percent drop in July. Annual consumer price inflation fell to 1.3 percent from 1.6 percent in July.

Inflation remains well below the European Central Bank's target of close but below 2 percent, warranting the bank's pledge to keep interest rates at current levels or lower for an extended period of time to help the recovery.

Great news for the PIIGS then they are becoming more competitive in the low wage global economy... That's fantastic news considering the levels of debt in those nations, it's not like they need big wages to pay back what they owe....

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Ahhha, but you seer the difference is that in Europe you do not have to make your monthly mortgage payments because there are no consequences for not doing so. It means people can work for less and spend more than in the UK.

Se European mortgage arrears for further details.

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