The euro zone's 165 million workers have watched their wages slip behind inflation for a third year running even as companies rake in profits by jacking up prices faster than costs rise
are struggling to fill vacancies, the highest level on record, despite a recession in Europe's biggest economy, the German Chambers of Commerce and Industry says.United Services Union ver.di is asking for a 10.5% pay increase for around 2.5 million federal and local government employees. Workers from airports to public transport have already held warning strikes in response to pay offers worth just a fraction of their demands.
Ver.di has already warned that if pay deals fail, Germany will face "another chaotic summer," a reference to last year's debilitating bottlenecks in the services sector., parent of DHL, overwhelmingly backed an indefinite strike in a vote because their demands for a 15% pay increase have not been met.
This "stickiness" is why markets have swiftly increased their rate hike bets over the past month. Investors now see the peak rate above 4%, up another 1.5 percentage points, suggesting rate hikes through the summer. "The high levels of wage growth projected for 2023 and 2024 can be expected to make wages an increasingly dominant driver of underlying inflation in the euro area," Lane says.
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