Wages, salaries grow by 5.2% in September

The working day adjusted wages and salaries sum of the whole economy was 5.2 per cent higher in September 2023 compared to the stipulated period of the previous year, according to Statistics Finland.

The seasonally adjusted wages and salaries sum of the whole economy increased by 1.0 per cent in September from the month before.

The working day adjusted wages and salaries sum decreased in the industry of construction by 0.4 per cent in September 2023 year-on-year.

The working day adjusted wages and salaries sum increased the public sector in September 2023 by 8.9 per cent from the previous year.

The working day adjusted wages and salaries sum grew in September 2023 in all other main industries but decreased in construction compared to September 2022.

The wages and salaries sum grew fastest in the industries of financial and insurance (9.0%), private health and social work (8.9%) and private education (8.8%).

The wages and salaries sum increased more moderately in the industries of other services (4.3%), manufacturing (3.8%) and trade (2.7%) but decreased in the industry of construction (minus 0.4%).

The working day adjusted wages and salaries sum was 3.6 per cent higher in the private sector in September than twelve months earlier.

The wages and salaries sum in the public sector was 8.9 per cent higher than in the corresponding period one year previously. In the private sector, the seasonally adjusted wages and salaries sum increased by 1.1 per cent and in the public sector by 1.0 per cent in September from the month before.

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.