Hourly labour costs rose 4.6% in euro area and 5.1% in EU Q3 2024. Wages and salaries increased 4.4% in euro area, 5.0% in EU. Non-wage costs grew 5.2% in euro area, 5.3% in EU. Highest wage increases: Arts (+7.0%), Education (+6.2%). Highest non-wage increases: Accommodation (+6.6%), Construction (+6.3%)
Scope creep is uncontrolled growth in project scope after start. Generally considered harmful in project management. Differs from feature creep, which refers to specific project elements
Markup is the ratio of profit to cost, showing how much profit is generated from a product. Markup formula: markup = 100 × profit / cost. Profit margin compares profit to revenue, while markup compares profit to cost
Monthly Social Security benefit increases by 2.5% to $1,976 in 2025. Maximum benefit for full retirement age is $4,018. Disability benefits increase to $1,580 per month. Credit earning threshold rises to $1,810 per year
Inflation is sustained rise in prices of goods and services over time. Moderate inflation has been part of economy for over century. Current inflation rate is 2.4% as of October 2024
Current inflation rate is 2.75% trailing 12-month CPI. Annual inflation in 2023 was 4.14%. $100 today would be worth $102.75 next year