The European Central Bank (ECB) has released its latest wage tracker data, indicating a modest uptick in negotiated wage growth in the euro area. The headline ECB wage tracker stands at 2.7% in the first half of 2027, with forward-looking information pointing to negotiated wage growth of 2.7% in the first half of 2027. Employee coverage, however, remains limited at 28.8% but is expected to increase over time as more wage agreements are signed. The ECB wage tracker with smoothed one-off payments was revised downwards slightly for 2026, standing at 2.2% for the year. The wage tracker excluding one-off payments stands at 2.6% on average in 2026, indicating a limited role for one-off payments in recent collective bargaining agreements. The data suggests that negotiated wage growth is expected to remain moderate in the coming months, with the headline wage tracker indicator standing at 2.7% in the first quarter of 2027 and 2.8% in the second quarter of 2027. The ECB publishes four wage tracker indicators for the aggregate of the nine participating euro area countries, providing insights into wage developments in the euro area. The indicators are based on a highly granular database of active collective bargaining agreements and can be used to help assess wage pressures in the euro area. The forward-looking nature of the tracker is dependent on the underlying collective bargaining agreements database, and the wage signals should always be considered conditional on the information available at any given point in time and thus subject to revision. The ECB wage tracker is an important tool for monitoring wage developments in the euro area, and its data can be used to inform monetary policy decisions. The moderate growth in negotiated wages is likely to have implications for inflation and economic growth in the euro area, and the ECB will closely monitor these developments in the coming months. The data release also highlights the importance of collective bargaining agreements in shaping wage growth in the euro area, and the need for ongoing monitoring of these agreements to ensure that wage growth remains in line with the ECB's inflation target. Overall, the ECB wage tracker data suggests that negotiated wage growth is expected to remain moderate in the coming months, and the ECB will continue to monitor these developments closely. The data also highlights the importance of collective bargaining agreements and the need for ongoing monitoring of these agreements to ensure that wage growth remains in line with the ECB's inflation target. The ECB's monetary policy decisions will take into account the latest wage tracker data, and the bank will continue to monitor wage developments in the euro area closely. The moderate growth in negotiated wages is likely to have implications for inflation and economic growth in the euro area, and the ECB will closely monitor these developments in the coming months. The ECB wage tracker is an important tool for monitoring wage developments in the euro area, and its data can be used to inform monetary policy decisions. The data release also highlights the importance of collective bargaining agreements in shaping wage growth in the euro area, and the need for ongoing monitoring of these agreements to ensure that wage growth remains in line with the ECB's inflation target.