Wages, salaries grow by 1.4% in March

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

The seasonally adjusted wages and salaries sum of the whole economy, however, decreased by 0.7 per cent in March from the month before.

The working day adjusted wages and salaries sum decreased in the industry of construction by 6.6 per cent in March 2024 year-on-year but increased in the private sector by 0.1 per cent from the previous year.

The wages and salaries sum increased in the public sector in March 2024 by 5.4 per cent from the previous year.

In the private sector, the seasonally adjusted wages and salaries sum decreased by 1.0 per cent and in the public sector by 0.4 per cent in March from the month before.

Wages and salaries sum decreased in March 2024 in several main industries compared to March 2023.

The working day adjusted wages and salaries sum grew fastest in the industries of private health and social work (7.9%) and financial and insurance (6.2%).

The wages and salaries sum increased more moderately in the industry of private education (0.8%) but decreased in the industries of construction (6.5%), trade (3.0%), other services (1.4%) and manufacturing (1.3%).