Wages and salaries sum decreased in January 2024

Wages and salaries sum decreased by 4.3 per cent year-on-year in the private sector in January

The working day adjusted wages and salaries sum was 4.3 per cent lower in the private sector in January than twelve months earlier. The wages and salaries sum in the public sector was 7.7 per cent higher than in the corresponding period one year previously. In the private sector, the seasonally adjusted wages and salaries sum decreased by 1.6 per cent and increased in the public sector by 1.0 per cent in January from the month before.

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

The working day adjusted wages and salaries sum decreased in January 2024 in all other main industries but grew in the industries of financial and insurance (6.4%) and health and social work (2.4%) compared to January 2023. The working day adjusted wages and salaries sum decreased in the industries of construction (-12.5%), manufacturing (-4.9%), other services (-3.2%), trade (-1.1%) and education (-0.2%).

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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.