Euro area posted wage growth is picking up, but it’s unlikely a tightening labour market is to blame. Last month, we wrote that the Indeed Wage Tracker was suggesting a turning point in European wage growth, and the latest data support that reading. Wages and salaries advertised in euro area job postings on Indeed rose 3.3% over the year to August, lifting the three-month average of annual growth to 3.1% up from 2.3% as recently as May, and above both the US and Canada (2.5%). The pick-up isn’t universal, though. In the UK, advertised wage growth has held at around 4% through 2026, after a long moderation from its 2023 peak. It’s doubtful that recent wage growth reflects a tightening labour market that would stoke inflation in Europe.
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