Wages, salaries drop in Finland in October

The working day adjusted wages and salaries sum of the whole economy was 0.3 per cent lower in October 2024 than in October 2023, according to Statistics Finland.

The seasonally adjusted wages and salaries sum of the whole economy decreased by 1.2 per cent in October from the previous month.

The wages and salaries sum was 0.7 per cent lower in the private sector in October than twelve months earlier. The wages and salaries sum in the public sector was 2.8 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 0.4 per cent in October from the month before.

The working day adjusted wages and salaries sum grew in October 2024 in the industries of finance and insurance, private health and social work and trade but decreased in the industries of construction, other services and manufacturing compared to October 2023.

The wages and salaries sum increased significantly in the industries of finance and insurance (6.7 %). The growth was moderate in the industries of private health and social work (1.9 %) and trade (0.3 %).

At the same period the working day adjusted wages and salaries sum decreased significantly in the industry of construction (6.4 %).

There was also moderate decrease in the industries of other services (1.9 %) and manufacturing (0.8 %).

The wages and salaries sum remained at the same level from previous year in the industry of private education.