Wages, salaries grow by 3.9% in Oct

The working day adjusted wages and salaries sum of the whole economy was 3.9 per cent higher in October 2023 than in October 2022, according to Statistics Finland.

The seasonally adjusted wages and salaries sum of the whole economy decreased by 0.2 per cent in October from the month before.

The working day adjusted wages and salaries sum decreased in the industry of construction by 2.3 per cent in October 2023 year-on-year.

The working day adjusted wages and salaries sum increased the public sector in October 2023 by 8.5 per cent from the previous year.

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

The working day adjusted wages and salaries sum grew fastest in the industries of private health and social work (7.7%), financial and insurance (7.2%), private education (3.5%) and other services (3.5%).

The wages and salaries sum increased more moderately in the industries of manufacturing (1.6%) and trade (1.3%) but decreased in the industry of construction (minus 2.3%).

The working day adjusted wages and salaries sum was 1.5 per cent higher in the private sector in October than twelve months earlier.

The wages and salaries sum in the public sector was 8.5 per cent higher than in the corresponding period one year previously.

In the private sector, the seasonally adjusted wages and salaries sum decreased by 1.1 per cent and increased in the public sector by 0.6 per cent in October from the month before.