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Labour market data contains information on harmonised unemployment and measures of the cost pressures arising from the production factor "labour".
According to the ILO (International Labour Office) definition, unemployed persons are all persons 15 to 74 years of age who were not employed during the reference week, had actively sought work during the past four weeks and were ready to begin working immediately or within two weeks.
The unemployment rate is the share of unemployed persons of the total number of active persons in the labour market. Active persons (active population) are those who are either employed or unemployed. Data is broken down by sex and age. Data are presented in thousand of persons and by rate (unemployment rate). Moreover percentage changes to show the evolution of this aggregate are presented.
Data is presented both non-seasonally and seasonally adjusted. Seasonally adjusted data are, with a very few exceptions, compiled by Eurostat for the member states. For European totals both non-seasonally adjusted and seasonally adjusted figures are obtained by the aggregating of the corresponding national data.
The quarterly Labour Cost Index (LCI) is an indicator which measures the cost pressure arising from the production factor "labour". The data covered in the LCI relate to total average hourly labour costs (with and without bonuses) and to the labour cost categories "wages and salaries" and "employers' social security contributions plus taxes paid minus subsidies received by the employer". Data is broken down by cost items and by economic activity. Data is computed on the basis of the chained Laspeyres formula and is presented with the reference year 2012=100. Data are available both in nominal and real terms. Percentage changes are also available.
Labour cost index statistics are available as both non-seasonally working days adjusted and seasonally and working days adjusted. Seasonally adjusted data are provided by Member States. European totals are obtained by aggregation of non-seasonally adjusted working days adjusted from member states. Seasonally and working days adjusted totals are obtained by a direct seasonal adjustment of the seasonal totals. The seasonal adjustment is performed using TRAMO/SEATS.
Labour market data comprise a key set of indicators for the assessment of the cyclical situation and for macroeconomic and social policy making. Both the employment and labour cost indices play an essential role in the compilation of key indicators for the analysis of long-term economic equilibria and the movements around it, such as the NAIRU (non accelerating inflation rate of unemployment) and Phillips curve (the relationship between inflation and unemployment).