Wages and salaries sum grew in March 2023

Wages and salaries sum grew in almost all main industries

The working day adjusted wages and salaries sum grew in March 2023 in all other main industries but decreased in construction compared to March 2022. The working day adjusted wages and salaries sum grew fastest in the industries of private education (8.1%), other services (7.3%) and private health and social work (5.0%). The wages and salaries sum increased more moderately in the industries of manufacturing (4.6%), financial and insurance (3.9%) and trade (3.7%) but decreased in the industry of construction (-0.3%).

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Wages and salaries sum grew by 5.7 per cent year-on-year in the private sector in March

The working day adjusted wages and salaries sum was 5.7 per cent higher in the private sector in March than twelve months earlier. The wages and salaries sum in the public sector was 12.0 per cent higher than in the corresponding period one year previously. In the private sector, the seasonally adjusted wages and salaries sum grew by 1.0 per cent and in the public sector decreased by 0.9 per cent in March from the month before.

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Wellbeing services counties started operating at the beginning of the year, which is why public sector social and healthcare personnel were transferred to the service of the wellbeing services counties. The transition can affect the changes in the public sector wage sum index.

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.