Economic Updates¶
Exchange Rates¶
Global exchange rates have remained relatively constant since the Regional Data Libraries 2023-09 release.
This table shows the percentage changes in currency exchange rates, relative to the 2023-09 Regional Data Libraries release:
Labor Rates¶
Most global labor rates have remained relatively unchanged since the RDL 2023-09 release, but there have been a few changes worth noting:
- Despite Australia’s wage growth increasing at a slightly slower rate than expected last quarter, their continued tight labor market and recent increase in the National Minimum Wage have contributed to a significant overall increase.
- Taiwan’s National Minimum Wage has been increased annually since 2016, with an increase in 2023 likely contributing to an increase in labor wages in general.
This table shows labor rate changes relative to the 2023-09 Regional Data Libraries release.
Note:
The labor rate column shows the average labor rate per country across all skill levels:
| Region | Current Avg Labor Rate | Percent Change from - |
| Australia | $29.37 | 10.4% |
| Austria | $27.53 | -2.7% |
| Belgium | $38.74 | 4.8% |
| Brazil | $3.51 | -5.0% |
| Canada | $22.82 | 0.1% |
| Canada-Alberta | $26.07 | 0.1% |
| Canada-Atlantic (PE-NB-NL-NS) | $19.78 | -0.1% |
| Canada-Ontario | $22.71 | 0.1% |
| Canada-Quebec | $20.86 | 0.1% |
| Canada-West (BC-MB-SK) | $21.77 | 0.1% |
| Chile | $6.05 | -6.8% |
| China | $9.41 | -1.2% |
| China-Central-Hubei-Wuhan | $7.88 | -1.2% |
| China-East-Jiangsu-Suzhou | $9.66 | -1.2% |
| China-East-Shandong-Qingdao | $8.15 | -1.2% |
| China-East-Shanghai | $12.12 | -1.2% |
| China-East-Zhejiang-Hangzhou | $10.00 | -1.2% |
| China-North-Beijing | $16.81 | -1.2% |
| China-North-Hebei-Tianjin | $7.35 | -1.2% |
| China-Northeast-Liaoning-Dalian | $7.24 | -1.2% |
| China-SouthCentral-Guangdong-Guangzhou | $9.69 | -1.2% |
| China-Southwest-Chongqing | $7.51 | -1.2% |
| China-Southwest-Sichuan-Chengdu | $8.25 | -1.2% |
| Czech Republic | $14.09 | -4.7% |
| Denmark | $40.69 | -3.9% |
| Eastern Europe | $13.01 | -2.7% |
| Finland | $31.53 | -3.8% |
| France | $31.93 | -3.8% |
| Germany | $33.64 | -3.8% |
| Hungary | $11.22 | -3.7% |
| India | $1.02 | -0.6% |
| India-Delhi | $1.13 | -0.6% |
| India-Karnataka | $1.31 | -0.6% |
| India-Maharashtra | $1.24 | -0.6% |
| India-West Bengal | $1.19 | -0.6% |
| Indonesia | $0.89 | -3.0% |
| Ireland | $30.89 | -3.8% |
| Israel | $16.30 | -5.9% |
| Italy | $23.22 | -3.8% |
| Japan | $17.39 | -3.9% |
| Malaysia | $3.33 | -3.3% |
| Mexico | $2.91 | -8.9% |
| Mexico-Mexico City | $3.95 | -8.9% |
| Mexico-North | $3.16 | -8.8% |
| Mexico-South-West | $2.31 | -8.9% |
| Netherlands | $30.22 | -3.8% |
| Norway | $34.52 | -5.8% |
| Philippines | $1.68 | -1.2% |
| Poland | $14.81 | -6.2% |
| Portugal | $10.80 | -3.8% |
| Romania | $10.07 | -4.2% |
| Russia | $4.04 | -3.7% |
| Russia-Altaiski Krai | $2.52 | -3.7% |
| Russia-City of Moscow | $7.34 | -3.7% |
| Russia-Kaluga | $3.68 | -3.7% |
| Russia-Leningrad | $4.25 | -3.7% |
| Russia-Moscow region | $5.09 | -3.7% |
| Russia-Republic of Dagestan | $2.21 | -3.7% |
| Russia-Saint Petersburg | $5.16 | -3.7% |
| Russia-Sverdlovsk | $4.26 | -3.7% |
| Russia-Tyumen | $10.06 | -3.7% |
| Russia-Udmurtia | $2.92 | -3.7% |
| Saudi Arabia | $1.29 | 0.0% |
| Singapore | $31.38 | -1.7% |
| Slovakia | $11.93 | 5.7% |
| South Africa | $5.83 | -2.8% |
| South Korea | $16.96 | -2.8% |
| Spain | $19.97 | 2.3% |
| Sweden | $24.46 | -2.7% |
| Switzerland | $53.36 | -3.7% |
| Taiwan | $9.47 | 13.1% |
| Thailand | $1.72 | -5.6% |
| Turkey | $5.55 | -2.4% |
| USA | $32.42 | 0.0% |
| USA-California | $37.66 | 0.0% |
| USA-Central (AR-IA-KS-MT-NE-ND-OK-SD) | $25.71 | 0.0% |
| USA-Mid-Atlantic (DE-MD-PA-VA) | $33.91 | 0.0% |
| USA-Mountain (AZ-CO-ID-NV-NM-UT-WY) | $28.72 | 0.0% |
| USA-North Central (IL-MI-MN-OH-WI) | $31.04 | 0.0% |
| USA-Northeast (MA-NY-NJ-CT) | $40.26 | 0.0% |
| USA-Northeast-Rural (ME-NH-RI-VT) | $29.22 | 0.0% |
| USA-Pacific (WA-OR-HI-AK) | $30.71 | 0.0% |
| USA-Southeast (AL-FL-GA-IN-KY-LA-MO-MS-NC-SC-TN-WV) | $27.53 | 0.0% |
| USA-Texas | $32.62 | 0.0% |
| United Kingdom | $21.66 | 1.8% |
| Vietnam | $1.68 | -1.8% |
| Western Europe | $28.58 | -1.1% |
Total Manufacturing Rates¶
Total Manufacturing rates have remained mostly steady since the release of the 2023-09 Regional Data Libraries, however Turkey’s regional rate has experienced a notable change.
Turkey’s focus on manufacturing has contributed to significant annual growth of new enterprises and number of employees resulting in added manufacturing market value and increased output.
This table shows changes in Total Manufacturing Rates (Labor + Direct and Indirect Overhead) relative to the 2023-09 Regional Data Libraries release. All columns with rates included are the average rate for that specified country.
This chart shows changes in total manufacturing rates relative to the 2023-09 Regional Data Libraries release:
| Region | Current Avg Labor Rate | DOH | IOH | TMR | Percent Change from 2023-09 |
| Australia | $29.37 | $40.38 | $14.48 | $84.24 | 4.4% |
| Austria | $27.53 | $39.85 | $13.42 | $80.80 | -2.0% |
| Belgium | $38.74 | $37.47 | $17.78 | $93.99 | 2.4% |
| Brazil | $3.51 | $38.34 | $2.78 | $44.63 | -1.6% |
| Canada | $22.82 | $36.76 | $11.44 | $71.03 | 0.0% |
| Canada-Alberta | $26.07 | $36.76 | $12.98 | $75.81 | 0.0% |
| Canada-Atlantic (PE-NB-NL-NS) | $19.78 | $36.76 | $10.02 | $66.56 | 0.0% |
| Canada-Ontario | $22.71 | $36.76 | $11.39 | $70.86 | 0.0% |
| Canada-Quebec | $20.86 | $36.76 | $10.54 | $68.17 | 0.0% |
| Canada-West (BC-MB-SK) | $21.77 | $36.76 | $10.96 | $69.49 | 0.0% |
| Chile | $6.05 | $37.17 | $4.10 | $47.33 | -1.0% |
| China | $9.41 | $31.92 | $5.35 | $46.68 | -1.3% |
| China-Central-Hubei-Wuhan | $7.88 | $31.92 | $4.68 | $44.48 | -1.3% |
| China-East-Jiangsu-Suzhou | $9.66 | $31.92 | $5.47 | $47.04 | -1.3% |
| China-East-Shandong-Qingdao | $8.15 | $31.92 | $4.80 | $44.87 | -1.3% |
| China-East-Shanghai | $12.12 | $31.92 | $8.33 | $52.37 | -1.3% |
| China-East-Zhejiang-Hangzhou | $10.00 | $31.92 | $5.62 | $47.54 | -1.3% |
| China-North-Beijing | $16.81 | $31.92 | $8.95 | $57.68 | -1.3% |
| China-North-Hebei-Tianjin | $7.35 | $31.92 | $4.44 | $43.71 | -1.3% |
| China-Northeast-Liaoning-Dalian | $7.24 | $31.92 | $4.40 | $43.56 | -1.3% |
| China-SouthCentral-Guangdong-Guangzhou | $9.69 | $31.92 | $5.49 | $47.10 | -1.3% |
| China-Southwest-Chongqing | $7.51 | $31.92 | $5.08 | $44.51 | -1.3% |
| China-Southwest-Sichuan-Chengdu | $8.25 | $31.92 | $4.85 | $45.02 | -1.3% |
| Czech Republic | $14.09 | $35.55 | $7.44 | $57.07 | -2.6% |
| Denmark | $40.69 | $53.05 | $19.10 | $112.84 | -2.8% |
| Eastern Europe | $13.01 | $36.91 | $6.89 | $56.81 | -1.7% |
| Finland | $31.53 | $36.08 | $14.89 | $82.49 | -2.4% |
| France | $31.93 | $35.82 | $15.07 | $82.82 | -2.4% |
| Germany | $33.64 | $45.01 | $16.10 | $94.76 | -2.6% |
| Hungary | $11.22 | $38.03 | $6.12 | $55.37 | -2.0% |
| India | $1.02 | $34.03 | $1.77 | $36.82 | -0.7% |
| India-Delhi | $1.13 | $34.03 | $1.86 | $37.01 | -0.7% |
| India-Karnataka | $1.31 | $34.03 | $2.15 | $37.49 | -0.8% |
| India-Maharashtra | $1.24 | $34.03 | $2.04 | $37.31 | -0.7% |
| India-West Bengal | $1.19 | $34.03 | $1.96 | $37.18 | -0.7% |
| Indonesia | $0.89 | $30.85 | $1.63 | $33.37 | -0.6% |
| Ireland | $30.89 | $43.29 | $14.88 | $89.06 | -2.5% |
| Israel | $16.30 | $37.50 | $8.67 | $62.48 | -2.6% |
| Italy | $23.22 | $40.02 | $11.23 | $74.47 | -2.6% |
| Japan | $17.39 | $39.62 | $9.57 | $66.58 | -2.2% |
| Malaysia | $3.33 | $30.12 | $2.72 | $36.17 | -1.4% |
| Mexico | $2.91 | $42.52 | $2.55 | $47.98 | 0.4% |
| Mexico-Mexico City | $3.95 | $42.52 | $3.39 | $49.86 | -0.1% |
| Mexico-North | $3.16 | $42.52 | $2.69 | $48.37 | 0.2% |
| Mexico-South-West | $2.31 | $42.52 | $2.26 | $47.09 | 0.5% |
| Netherlands | $30.22 | $38.05 | $14.52 | $82.78 | -2.4% |
| Norway | $34.52 | $41.22 | $16.63 | $92.37 | -3.5% |
| Philippines | $1.68 | $35.27 | $1.97 | $38.93 | -1.1% |
| Poland | $14.81 | $34.77 | $7.44 | $57.02 | -3.0% |
| Portugal | $10.80 | $38.20 | $6.17 | $55.17 | -1.7% |
| Romania | $10.07 | $39.06 | $5.66 | $54.79 | -1.8% |
| Russia | $4.04 | $37.76 | $3.36 | $45.16 | -1.2% |
| Russia-Altaiski Krai | $2.52 | $37.76 | $2.39 | $42.67 | -1.1% |
| Russia-City of Moscow | $7.34 | $37.76 | $6.12 | $51.22 | -1.5% |
| Russia-Kaluga | $3.68 | $37.76 | $3.06 | $44.51 | -1.2% |
| Russia-Leningrad | $4.25 | $37.76 | $3.55 | $45.56 | -1.2% |
| Russia-Moscow region | $5.09 | $37.76 | $4.24 | $47.09 | -1.3% |
| Russia-Republic of Dagestan | $2.21 | $37.76 | $2.24 | $42.21 | -1.0% |
| Russia-Saint Petersburg | $5.16 | $37.76 | $4.30 | $47.22 | -1.3% |
| Russia-Sverdlovsk | $4.26 | $37.76 | $3.55 | $45.58 | -1.2% |
| Russia-Tyumen | $10.06 | $37.76 | $8.41 | $56.24 | -1.7% |
| Russia-Udmurtia | $2.92 | $37.76 | $2.58 | $43.26 | -1.1% |
| Saudi Arabia | $1.29 | $31.96 | $1.78 | $35.02 | -0.8% |
| Singapore | $31.38 | $38.56 | $15.25 | $85.20 | -1.5% |
| Slovakia | $11.93 | $39.33 | $6.56 | $57.82 | 0.8% |
| South Africa | $5.83 | $37.85 | $4.07 | $47.75 | -0.5% |
| South Korea | $16.96 | $30.63 | $8.93 | $56.52 | -1.3% |
| Spain | $19.97 | $42.15 | $9.93 | $72.05 | 0.2% |
| Sweden | $24.46 | $37.51 | $12.07 | $74.05 | -1.4% |
| Switzerland | $53.36 | $41.53 | $20.26 | $115.14 | -2.7% |
| Taiwan | $9.47 | $35.04 | $5.62 | $50.12 | 2.1% |
| Thailand | $1.72 | $31.03 | $2.07 | $34.82 | -1.6% |
| Turkey | $5.55 | $51.50 | $4.20 | $61.25 | 22.7% |
| USA | $32.42 | $39.82 | $15.87 | $88.12 | 0.0% |
| USA-California | $37.66 | $39.82 | $18.43 | $95.92 | 0.0% |
| USA-Central (AR-IA-KS-MT-NE-ND-OK-SD) | $25.71 | $39.82 | $12.65 | $78.18 | 0.0% |
| USA-Mid-Atlantic (DE-MD-PA-VA) | $33.91 | $39.82 | $16.60 | $90.33 | 0.0% |
| USA-Mountain (AZ-CO-ID-NV-NM-UT-WY) | $28.72 | $39.82 | $14.08 | $82.62 | 0.0% |
| USA-North Central (IL-MI-MN-OH-WI) | $31.04 | $39.82 | $15.20 | $86.06 | 0.0% |
| USA-Northeast (MA-NY-NJ-CT) | $40.26 | $39.82 | $19.71 | $99.79 | 0.0% |
| USA-Northeast-Rural (ME-NH-RI-VT) | $29.22 | $39.82 | $14.33 | $83.37 | 0.0% |
| USA-Pacific (WA-OR-HI-AK) | $30.71 | $39.82 | $15.03 | $85.57 | 0.0% |
| USA-Southeast (AL-FL-GA-IN-KY-LA-MO-MS-NC-SC-TN-WV) | $27.53 | $39.82 | $13.50 | $80.85 | 0.0% |
| USA-Texas | $32.62 | $39.82 | $15.98 | $88.42 | 0.0% |
| United Kingdom | $21.66 | $44.62 | $10.93 | $77.20 | -0.4% |
| Vietnam | $1.68 | $31.98 | $1.92 | $35.58 | -0.9% |
| Western Europe | $28.58 | $41.20 | $13.70 | $83.49 | -1.1% |
Material Rates¶
Material prices have remained generally stable since the release of the 2023-09 Regional Data Libraries with a few notable exceptions:
- Overall, steel prices have shifted downward in the past month. Steel supply has caught up with and overshot demand, plus elevated automobile prices have slowed sales, delaying a demand recovery, and contributing to price decline.
- Additionally, the United Auto Workers strike in the US has caused a drop in the demand for steel parts further negatively impacting prices.
These are the material rate changes relative to the 2023-09 release:
