Wages, salaries drop by 1.4% in January

The working day adjusted wages and salaries sum of the whole economy was 1.4 per cent lower in January 2024 than in January 2023, according to Statistics Finland.

The seasonally adjusted wages and salaries sum of the whole economy decreased by 0.9 per cent in January from the month before.

The working day adjusted wages and salaries sum decreased in the industry of construction by 12.5 per cent in January 2024 year-on-year.

The working day adjusted wages and salaries sum was 4.3 per cent lower in the private sector in January than twelve months earlier.

The wages and salaries sum in the public sector was 7.7 per cent higher than in the corresponding period one year previously. In the private sector, the seasonally adjusted wages and salaries sum decreased by 1.6 per cent and increased in the public sector by 1.0 per cent in January from the month before.

The working day adjusted wages and salaries sum decreased in January 2024 in all other main industries but grew in the industries of financial and insurance (6.4%) and health and social work (2.4%) compared to January 2023.

The working day adjusted wages and salaries sum decreased in the industries of construction (12.5%), manufacturing (4.9%), other services (3.2%), trade (1.1%) and education (0.2%).