Wages, salaries rise in July Y-on-Y

The working day adjusted wages and salaries sum of the whole economy was 0.9 per cent higher in July 2024 than in July 2023, according to Statistics Finland.

The seasonally adjusted wages and salaries sum of the whole economy decreased by 0.8 per cent in July from the previous month.

The working day adjusted wages and salaries sum decreased in the industry of construction by 5.9 per cent in July 2024 year-on-year.

The working day adjusted wages and salaries sum was 0.5 per cent lower in the private sector in July than twelve months earlier.

The wages and salaries sum in the public sector was 5.2 per cent higher than a year earlier in the corresponding period.

In the private sector, the seasonally adjusted wages and salaries sum decreased by 1.0 per cent and in the public sector by 0.6 per cent in July from the month before.

The working day adjusted wages and salaries sum grew in July 2024 in majority of main industries but decreased in the industries of construction, other services and manufacturing compared to July 2023.

The working day adjusted wages and salaries sum increased significantly in the industries of finance and insurance (6.3 %) and private health and social work (4.5 %).

The growth was moderate in the industries of private education (1.4 %) and trade (0.2 %).

At the same period the working day adjusted wages and salaries sum decreased significantly in the industry of construction (5.9 %).

There was also moderate decrease in the industries of other services (1.3 %) and manufacturing (1.2 %).