Unit labor costs have risen, and potential output growth has fallen.

Declining competitiveness is best captured in a single indicator unit labor costs, which measure the average cost of labor per unit of output.

Persistently weak labor productivity growth has created a situation in which unit labor costs do not fall, even if real wages remain stagnant or decline. Indeed, despite a 1.3 drop in real wages in 2011, unit labor costs remained unchanged.

How is this possible? After all, higher productivity should bring lower unit labor costs.

Unit labor costs in Greece, Portugal, Spain, and Italy grew 20 30 faster than in Germany in the euro s first decade, and somewhat faster than unit labor costs in northern Europe as a whole.

Indeed, despite a 1.3 drop in real wages in 2011, unit labor costs remained unchanged.

Competitiveness, which is usually measured in terms of unit labor costs, is a relative concept.

The resulting rise in output per worker, together with slow wage growth, reduced unit labor costs.

They may think that, in the long run, parities will reflect developments in relative unit labor costs.

Persistently weak labor productivity growth has created a situation in which unit labor costs do not fall, even if real wages remain stagnant or decline.

Since the euro s introduction, unit labor costs have risen dramatically faster in France than they have in Germany.

Unit labor costs reflect compensation levels and productivity gains in productivity can offset the effect of wage growth.

After a decade that saw wages grow faster than productivity, unit labor costs (and the real exchange rate based on those costs) appreciated sharply.

The result has been elevated unit labor costs relative to France s peer group (especially Germany) and stubbornly high unemployment.

Rising labor costs are inevitable.

A reduction in unit labor costs can also increase competitiveness only to the extent that it actually results in price reductions.

Lower productivity and higher unit labor costs eroded firms' willingness to hire, leaving Europe with chronically higher unemployment than in the US.

A rapid reduction in unit labor costs, through structural reforms that increased productivity growth in excess of wages, is just as unlikely.

Slack labor markets with rising unemployment rates will cap wage and labor costs.

Since 2001, unit labor costs have been growing faster than real GDP and employment, undermining the economy s competitiveness vis à vis developing countries.

There is a vast difference between unit labor costs real wages adjusted for productivity in Germany and in the heavily indebted southern countries.

Likewise, competitiveness losses have been partly reversed as wages have lagged productivity growth, thus reducing unit labor costs, and some structural reforms are ongoing.

In the first decade of the euro, nominal unit labor costs rose sharply in Greece, Ireland, Italy, Portugal, and Spain, while virtually flatlining in Germany.

The German solution to this conundrum keeping wage growth below that of productivity, thereby reducing unit labor costs took more than a decade to yield results.

The latter is certainly true, but it does not solve the fundamental problem that a country s relative unit labor costs can decline only if another country s rise.

But gains in measured productivity growth from this source are not permanent changes, so a large part of the reported reductions in unit labor costs are temporary.

(In 2005, long before the crisis, I called, on behalf of the ECB s governing council, for appropriate surveillance of a number of national indicators, including unit labor costs.)

In a monetary union, discrepancies in wage growth relative to productivity gains that is, unit labor costs will result in a chronic accumulation of trade surpluses or deficits.

of the costs of the Joint Inspection Unit

With steady labor, I can manage the hospital and medication costs.

Then a decade of nominal wage growth that out paced productivity gains led to a rise in unit labor costs, real exchange rate appreciation, and large current account deficits.

The sixth claim unit is for claim preparation costs.

The fifth claim unit is for claim preparation costs.

The third claim unit is for claim preparation costs.

High unit labor costs and unemployment rates are responsible, in turn, for reducing the trend rate of economic growth, mainly owing to under utilized labor, while the combination of lackluster growth and an ever mounting welfare burden has resulted in chronic budget deficits.

Europe as a whole is barely above zero growth, with large variations among countries, though with some evidence of painful re convergence, at least in terms of nominal unit labor costs.

Moreover, a new labor law and income policies will further increase workforce costs.

The family economic unit has always been dependent on specialized labor done by family members.

A rapid reduction in unit labor costs, via acceleration of structural reform and productivity growth relative to wage growth, is also unlikely, as that process took 15 years to restore competitiveness to Germany.

Labor costs in the US industrial sector are currently 25 lower than the European average.

The Panel considers that this claim unit is for claim preparation costs.

Fifth claim unit Claim preparation costs Iran seeks compensation in the amount of USD 51,075 for project implementation costs.

His land costs are low. So are his labor costs, since he relies on family and friends to weed and pick the crop.

The first claim unit is for reduction in crop yields and the second claim unit is for claim preparation costs.

One must also recognize that low labor costs are an essential component of China s competitive advantage.