French Labor Cost Declines In Q2

French labor cost declined at a faster pace in the second quarter, the statistical office Insee reported Friday.

Wages and salaries in the non-farm business sector decreased 1.2 percent sequentially, reversing a 1.8 percent rise in the first quarter.

Without the special bonus for purchasing power, or PEPA, wages and salaries would have risen by 0.7 percent in the second quarter.

Wages in industry and construction dropped 1.7 percent each in the second quarter. Wages in services were down moderately by 0.9 percent.

The wages decreased more sharply in the sectors where more PEPA bonuses were paid in the first quarter, Insee reported.

On a yearly basis, wages and salaries increased 1.5 percent, which was slower than the 3.1 percent rise in the previous quarter.

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