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Private sector cost of an hour worked increased by 2.7 per cent in January to March 2024

release 07/06/2024 | Labour cost index 2024, 1st quarter

According to Statistics Finland, labour costs in the private sector rose by 2.7 per cent in January to March 2024 when compared to the respective period of the year before. In the central government sector, costs grew by 6.9 per cent and in local government by 6.9 per cent.

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Key selections

The first quarter of 2024 had 63 working days, which is one less than in the corresponding period of 2023.
In the private sector, the cost of an hour worked grew less than in local government and in the central government sector in the January to March period of 2024 from one year ago.
Among private sector industries, the biggest rise in labour costs, 6.7 per cent, was recorded in construction (F) in January to March 2024 compared to the corresponding period of the previous year.
Costs in the private sector grew least, by 0.3 per cent, in forest industry (C 16-17) in the first quarter of 2024 from one year ago. Costs fell in wholesale and retail trade (G) by 1.3 per cent.
In the labour cost index, growth in costs is usually curbed by growth in the number of working days.

Statistics used in the release

Labour cost index

Tables

See key statistical data in the tables.

07/06/2024

Labour costs, index points 2022Q1-2024Q1

07/06/2024

Labour costs, annual change percentages 2022Q1-2024Q1

Data revisions

See key statistical data in the tables.

07/06/2024

Revisions to annual changes in the original labour cost index by sector

	1/2023	2/2023	3/2023	4/2023	2023
Private sector	1st release, %	0,3	5,6	4,4	4,3	3,2
Latest release, %	0,0	4,1	4,7	4,9	3,4
Revision, %-points	-0,3	-1,5	0,3	0,6	0,2
Central government	1st release, %	2,0	12,6	8,2	3,7	7,0
Latest release, %	2,2	12,8	8,3	3,9	7,2
Revision, %-points	0,2	0,2	0,1	0,2	0,2
Local government	1st release, %	0,6	9,0	4,0	3,8	4,1
Latest release, %	-1,3	7,9	3,9	2,9	3,5
Revision, %-points	-1,9	-1,1	-0,1	-0,9	-0,6

07/06/2024

Revisions to annual changes in the seasonally adjusted labour cost index by sector

	1/2023	2/2023	3/2023	4/2023	2023
Private sector	1st release, %	0,3	5,1	4,2	3,9	3,1
Latest release, %	0,4	4,0	4,6	4,5	3,4
Revision, %-points	0,1	-1,1	0,4	0,6	0,3
Central government	1st release, %	2,7	8,6	8,5	5,0	6,9
Latest release, %	4,4	10,2	8,3	4,8	6,9
Revision, %-points	1,7	1,6	-0,2	-0,2	0,0
Local government	1st release, %	1,3	6,4	4,5	4,0	4,3
Latest release, %	1,8	5,6	4,1	3,2	3,7
Revision, %-points	0,5	-0,8	-0,4	-0,8	-0,6