Wages and salaries sum grew in November 2023

Wages and salaries sum grew in almost all main industries

The working day adjusted wages and salaries sum grew in November 2023 in all other main industries but decreased in construction compared to November 2022. The working day adjusted wages and salaries sum grew fastest in the industries of financial and insurance (8.3%) and private health and social work (8.0%). The wages and salaries sum increased more moderately in the industries of private education (3.0%) and other services (3.0%), trade (2.4%) and manufacturing (2.1%) but decreased in the industry of construction (-4.0%).

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Wages and salaries sum grew by 2.4 per cent year-on-year in the private sector in November

The working day adjusted wages and salaries sum was 2.4 per cent higher in the private sector in November than twelve months earlier. The wages and salaries sum in the public sector was 6.2 per cent higher than in the corresponding period one year previously. In the private sector, the seasonally adjusted wages and salaries sum increased by 0.9 per cent and decreased in the public sector by 0.3 per cent in November from the month before.

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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.