Wages and salaries sum decreased in April 2024

Wages and salaries sum decreased by 2.7 per cent year-on-year in the private sector in April

The working day adjusted wages and salaries sum was 2.7 per cent lower in the private sector in April than twelve months earlier. The wages and salaries sum in the public sector was 3.7 per cent higher than in the corresponding period one year previously. In the private sector, the seasonally adjusted wages and salaries sum decreased by 1.2 per cent and in the public sector it increased by 0.9 per cent in April from the month before.

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Wages and salaries sum decreased in several main industries in the private sector

The working day adjusted wages and salaries sum decreased in April 2024 in several main industries compared to April 2023. The working day adjusted wages and salaries sum grew fastest in the industry of financial and insurance (6.9 %). The wages and salaries sum increased more moderately in the industries of private health and social work (1.7 %) and private education (0.5 %) but decreased in the industries of construction (-6.0 %), trade (-2.5 %), manufacturing (-2.3 %) and other services (-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.