Labour cost rises by 0.4% in Q3

Private sector labour cost increased by 0.4 per cent in July to September 2020 compared with that in the corresponding period of the year before, according to the Statistics Finland.

Seasonally adjusted labour costs went up by 0.9 per cent in July to September 2020. In the third quarter of 2020, the number of working days was the same as in the corresponding period of 2019.

In the private sector, labour costs without one-off pay items, such as performance-based bonuses, increased by 0.1 per cent in July to September 2020 compared to that in the corresponding quarter one year ago. Over the same period, the index of wage and salary earnings for the private sector went up by 1.8 per cent.

In the public sector, the hourly cost of labour increased by 0.4 per cent in July to September 2020 when compared with that in the respective period of the year before.

The year-on-year change in labour costs without one-off pay items was a 0.3 per cent increase. The seasonally-adjusted labour cost went up by 0.8 per cent. Over the same quarter, the index of wage and salary earnings in the central government sector went up by 1.8 per cent.

In the local government sector, the cost of an hour worked increased by 3.6 per cent in July to September 2020 when compared with that in the respective period of the year before. The year-on-year change in labour costs without one-off pay items was a 1.8 per cent increase. Seasonally-adjusted labour costs went up by 3.8 per cent. Over the same period, the index of wage and salary earnings in the local government sector went up by 1.9 per cent.