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International Labor Cost Projections

Differences in labor cost growth signal changes to an economy’s international competitiveness as well as its workers’ comparative standard of living, yet there is a scarcity of adequate models that project labor costs across countries. Using data from The Conference Board International Labor Comparisons program, we compare the US projections to other advanced economies in Europe and Asia/Pacific. In this paper we use a panel data set of 19 countries to forecast:

  1. labor cost growth,
  2. growth in wages and salaries (“pay for time worked”),
  3. and average annual wages from 2015 to 2020.

This working paper is complimentary.