Wages and salaries sum increased in July 2024 year-on-year

Wages and salaries sum increased by 5.2 per cent year-on-year in the public sector in July

The working day adjusted wages and salaries sum was 0.5 per cent lower in the private sector in July than twelve months earlier. The wages and salaries sum in the public sector was 5.2 per cent higher than a year earlier in the corresponding period. In the private sector, the seasonally adjusted wages and salaries sum decreased by 1.0 per cent and in the public sector by 0.6 per cent in July from the month before.

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Wages and salaries sum grew in most main industries in the private sector

The working day adjusted wages and salaries sum grew in July 2024 in majority of main industries but decreased in the industries of construction, other services and manufacturing compared to July 2023. The working day adjusted wages and salaries sum increased significantly in the industries of finance and insurance (6.3 %) and private health and social work (4.5 %). The growth was moderate in the industries of private education (1.4 %) and trade (0.2 %). At the same period the working day adjusted wages and salaries sum decreased significantly in the industry of construction (-5.9 %). There was also moderate decrease in the industries of other services (-1.3 %) and manufacturing (-1.2 %).

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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.