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Wage and labour costs may be described through use of three distinct and complementary indicators: average real wages, nominal and real wage rates and/or earnings, average compensation costsThe first two may be viewed from the workers’ standpoint and represent a measure of the levels and trends of their purchasing power and an approximation to their standard of living. The third measure provides an estimate of employers’ expenditure on the employment of labour.
OECD, Glossary of Statistical Terms, (accessed 10/2022)
OECD, Glossary of Statistical Terms, (accessed 10/2022)
