Wages and salaries sum decreased in August 2024 year-on-year

Wages and salaries sum increased by 3.6 per cent year-on-year in the public sector in August

The working day adjusted wages and salaries sum was 1.3 per cent lower in the private sector in August than twelve months earlier. The wages and salaries sum in the public sector was 3.6 per cent higher than a year earlier in the corresponding period. In the private sector, the seasonally adjusted wages and salaries sum decreased by 2.2 per cent and in the public sector by 0.3 per cent in August from the month before.

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

The working day adjusted wages and salaries sum decreased in August 2024 in majority of main industries but increased in the industries of finance and insurance, private health and social work and private education compared to August 2023. The working day adjusted wages and salaries sum increased significantly in the industry of finance and insurance (6.9 %). The growth was moderate in the industries of private health and social work (1.9 %) and private education (0.1 %). At the same period the working day adjusted wages and salaries sum decreased significantly in the industry of construction (-10.4 %). There was also moderate decrease in the industries of manufacturing (-2.5 %), other services (-1.6 %) and trade (-0.6 %).

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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.