Wages and salaries sum decreased in May 2024

Wages and salaries sum decreased by 2.3 per cent year-on-year in the private sector in May

The working day adjusted wages and salaries sum was 2.3 per cent lower in the private sector in May than twelve months earlier. The wages and salaries sum in the public sector was 4.5 per cent higher than a year earlier in the corresponding period. In the private sector, the seasonally adjusted wages and salaries sum decreased by 1.3 per cent and increased in the public sector by 0.4 per cent in May from the month before.

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Wages and salaries sum decreased in almost all main industries in the private sector

The working day adjusted wages and salaries sum decreased in May 2024 in all other main industries but increased in the industries of private health and social work and finance and insurance compared to May 2023. The working day adjusted wages and salaries sum increased significantly in the industries of private health and social work (5.7 %) and finance and insurance (4.4 %). At the same period the working day adjusted wages and salaries sum decreased significantly in the industry of construction (-13.3 %). There was also moderate decrease in the industries of manufacturing (-3.0 %), other services (-2.7 %), trade (-0.7 %) and private education (-0.1 %).

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The factors caused by the variation in the number of weekdays are taken into account in adjustment for working days. This means taking into consideration the lengths of months, different weekdays and holidays. In addition, seasonal variation is eliminated from seasonally adjusted series, on account of which it makes sense to compare observations of two successive months as well.