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3. Nominal unit labour cost per hour worked

Nominal unit labour cost per hour worked

The nominal unit labour cost (NULC) index is defined as the ratio of labour cost to labour productivity, where labour cost is the ratio of compensation of employees (current prices) to hours worked by employees, and labour productivity is the ratio of gross domestic product (at market prices in millions, chain-linked volumes reference year 2015) to total hours worked. Data on employment are presented according to the domestic concept used in national accounts. The MIP Scoreboard indicator is the 3-year percentage change. Input data are obtained from the official national accounts' country data, through ESA 2010 transmission programme. The indicative threshold is 9% for the euro area countries and 12% for the non-euro area countries.