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

Wages and salaries sum increased by 1.1 per cent year-on-year in the private sector in September

The working day adjusted wages and salaries sum was 1.1 per cent higher in the private sector in September 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 increased by 0.6 per cent and in the public sector by 0.8 per cent in September from the month before.

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

The working day adjusted wages and salaries sum grew in September 2024 in all other main industries but decreased in the industry of private education and remained at the same level in the industry of other services compared to September 2023.

The working day adjusted wages and salaries sum increased significantly in the industry of manufacturing (4.8 %). The growth was moderate in the industries of finance and insurance (3.7 %), private health and social work (1.1 %), trade (0.7 %) and construction (0.6 %). At the same period the working day adjusted wages and salaries sum decreased in the industry of private education (-3.7 %). The working day adjusted wages and salaries sum remained at the same level from previous year in the industry of other services.

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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.