Wages, salaries drop by 1% in May

The working day adjusted wages and salaries sum of the whole economy was 1.0 per cent lower in May 2024 than in May 2023, according to Statistics Finland.

The seasonally adjusted wages and salaries sum of the whole economy decreased by 1.1 per cent in May from the previous month.

The working day adjusted wages and salaries sum decreased in the industry of construction by 13.3 per cent in May 2024 year-on-year.

The working day adjusted wages and salaries sum increased significantly in the industries of private health and social work (5.7 %) and finance and insurance (4.4 %) in May 2024 year-on-year.

The working day adjusted wages and salaries sum increased in the public sector by 4.5 per cent from the previous year.

The working day adjusted wages and salaries sum was 2.3 per cent lower in the private sector in May than twelve months earlier.

The wages and salaries sum in the public sector was 4.5 per cent higher than a year earlier in the corresponding period. In the private sector, the seasonally adjusted wages and salaries sum decreased by 1.3 per cent and increased in the public sector by 0.4 per cent in May from the month before.

The working day adjusted wages and salaries sum decreased in May 2024 in all other main industries but increased in the industries of private health and social work and finance and insurance compared to May 2023.

The working day adjusted wages and salaries sum increased significantly in the industries of private health and social work (5.7 %) and finance and insurance (4.4 %).

At the same period the working day adjusted wages and salaries sum decreased significantly in the industry of construction ( minus 13.3 %).

There was also moderate decrease in the industries of manufacturing (minus3.0 %), other services (minus 7 %), trade (-0.7 %) and private education (-0.1 %).