Wages, salaries drop in private sector, rise in public sector in August

The working day adjusted wages and salaries sum of the whole economy was 0.6 per cent lower in August 2024 than in August 2023, according to Statistics Finland.

The seasonally adjusted wages and salaries sum of the whole economy decreased by 1.6 per cent in August from the previous month.

The working day adjusted wages and salaries sum increased in August 2024 in the public sector by 3.6 per cent from the previous year.

The working day adjusted wages and salaries sum decreased in the industry of construction by 10.4 per cent in August 2024 year-on-year.

The working day adjusted wages and salaries sum increased in the industry of finance and insurance by 6.9 per cent.

The working day adjusted wages and salaries sum was 1.3 per cent lower in the private sector in August than twelve months earlier.

The wages and salaries sum in the public sector was 3.6 per cent higher than a year earlier in the corresponding period.

In the private sector, the seasonally adjusted wages and salaries sum decreased by 2.2 per cent and in the public sector by 0.3 per cent in August from the month before

The working day adjusted wages and salaries sum decreased in August 2024 in majority of main industries but increased in the industries of finance and insurance, private health and social work and private education compared to August 2023.

The working day adjusted wages and salaries sum increased significantly in the industry of finance and insurance (6.9 %).

The growth was moderate in the industries of private health and social work (1.9 %) and private education (0.1 %).

At the same period the working day adjusted wages and salaries sum decreased significantly in the industry of construction (10.4 %). There was also moderate decrease in the industries of manufacturing (2.5 %), other services (1.6 %) and trade (0.6 %).