Unit labour costs in industry rose 1.0% quarter-on-quarter in the OECD area in the third quarter of 2008 (0.8% in second quarter) and resulting in a year-on-year growth rate of 2.6%.

Italy maintained the highest growth rate in industry among the major seven economies with 2.1% growth in the third quarter, accumulating to 7.8% on an annual basis. German industry unit labour costs rose 0.5% in the third quarter of 2008 from 0.2% in the second quarter and giving a relatively modest 0.7% annual increase. Growth in Japanese unit labour costs for industry slowed to 0.5% in the third quarter of 2008 from the 0.7% growth recorded in the previous quarter.

Unit labour costs in market services in the major seven economies grew by 0.5% in the third quarter of 2008 (1.9% on an annual basis), reversing the decelerating trend of the two previous quarters. The United States, with 0.4% growth in the third quarter of 2008 (negative 0.1% in second quarter), is one of the slower growing major seven economies for market services along with Japan at 0.1%. Higher growth rates in unit labour costs for market services were recorded in the OECD area and the Euro area in the third quarter of 2008 compared to the second quarter. In the Euro area they rose in the third quarter by 1.0% and 3.9%, on a quarterly and an annual basis respectively.