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The average labor cost increased 3% year-on-year in the period from July to September, up to 3,111.76 gross euros per worker and month. Salaries, its most important component, increased by 2.8% compared to the previous year to 2,268 euros on average. Although both costs have been on the rise for more than four years – 19 quarters of uninterrupted increases – and mark their highest level in all previous third quarters, the Quarterly Labor Cost Survey (ETCL) for the third quarter published this Tuesday by the National Institute of Statistics (INE) delves deeper into the slowdown in increases, which are settling into pre-pandemic levels.
