ECB Wage Tracker Points to Modest Uptick in Negotiated Wage Growth

The European Central Bank (ECB) has updated its wage tracker, which monitors negotiated wage growth in the euro area. The latest figures show that the headline wage tracker indicator stands at 2.7% for the first half of 2027, indicating a modest uptick in negotiated wage growth.

The ECB's wage tracker covers active collective bargaining agreements and takes into account one-off payments such as bonuses or back-dated pay. The forward-looking horizon has been extended to June 2027, allowing the bank to capture more recent data on wage agreements.

Employee coverage remains limited at 28.8% in the first half of 2027 but is expected to increase steadily over time as more wage agreements are signed.