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

Wages and salaries sum increased by 2.8 per cent year-on-year in the public sector in October

The working day adjusted wages and salaries sum was 0.7 per cent lower in the private sector in October than twelve months earlier. The wages and salaries sum in the public sector was 2.8 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 0.4 per cent in October from the month before.

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

The working day adjusted wages and salaries sum grew in October 2024 in the industries of finance and insurance, private health and social work and trade but decreased in the industries of construction, other services and manufacturing compared to October 2023.

The working day adjusted wages and salaries sum increased significantly in the industries of finance and insurance (6.7 %). The growth was moderate in the industries of private health and social work (1.9 %) and trade (0.3 %). At the same period the working day adjusted wages and salaries sum decreased significantly in the industry of construction (-6.4 %). There was also moderate decrease in the industries of other services (-1.9 %) and manufacturing (-0.8 %). The working day adjusted wages and salaries sum remained at the same level from previous year in the industry of private education.

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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.