The Spanish National Institute of Statistics (INE) has released the Harmonized Labor Cost Index (ICLA) for the second quarter of 2023, indicating key insights into labor costs within the country.
Key Highlights:
- Quarterly Variation: After adjusting for calendar and seasonal effects, the cost per hour worked increased by 1.5% in the second quarter of 2023.
- Annual Increase: In the year-on-year comparison, the cost per hour worked increased by 5.6% in the series adjusted for calendar and seasonal effects, and by 6.5% in the original series.
Labor Cost per Hour Worked – Q2/2023 Index Variation General Index 107.675 6.5 Adjusted Index 1 107.730 5.6 Year-on-Year Variation, Seasonally Adjusted Data
General Index:
- Q2 2020: 92.0096
- Q2 2021: 101.501
- Q2 2022: 106.25
- Q2 2023: 111.00
These statistics indicate a significant increase in labor costs, both on a quarterly and annual basis. The data reflects the evolving labor landscape in Spain, which has experienced economic changes and shifts in labor dynamics.