Wages, salaries grow by 3.4% in Nov Y-o-Y

The working day adjusted wages and salaries sum of the whole economy was 3.4 per cent higher in November 2023 than in November 2022, according to Statistics Finland.

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

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

The working day adjusted wages and salaries sum grew fastest in the industries of financial and insurance (8.3%) and private health and social work (8.0%).

The wages and salaries sum increased more moderately in the industries of private education (3.0%) and other services (3.0%), trade (2.4%) and manufacturing (2.1%) but decreased in the industry of construction (-4.0%).

The working day adjusted wages and salaries sum was 2.4 per cent higher in the private sector in November than twelve months earlier. The wages and salaries sum in the public sector was 6.2 per cent higher than in the corresponding period one year previously. In the private sector, the seasonally adjusted wages and salaries sum increased by 0.9 per cent and decreased in the public sector by 0.3 per cent in November from the month before.