Finland Times

The Statistics Finland’s data showed that seasonally adjusted labour costs in the private sector rose by 2.1 per cent in October to December 2013. Labour costs excluding one-off items, such as performance-based bonuses, rose by 1.3 per cent compared to the respective period of the year before.

In the corresponding period, the index of wage and salary earnings rose by 1.7 per cent in the private sector.

Meanwhile, in the central government sector, labour costs grew by 2.5 per cent in October to December 2013 when compared to the respective period of the year before.

Labour costs excluding one-off items, such as performance-based bonuses, rose by 2.3 per cent compared to the respective period of the year before. In the local government sector, labour costs increased 3.3 per cent and costs excluding one-off items rose 3.9 per cent in October to December.

The series of the Labour cost index are seasonally adjusted with the Tramo/Seats method. The latest observations of the series adjusted for seasonal and random variation become revised with new observations in seasonal adjustment methods. Revisions especially at turning points of economic trends may be significant, which should be taken into consideration when using seasonally adjusted and trend data.

Calculated by industry, the cost of an hour worked in all manufacturing went down by 0.3 per cent in October to December 2013 when compared to the respective period of the year before.

Seasonally adjusted cost of an hour worked increased by 0.1 per cent in all manufacturing in October to December 2013 when compared with the respective period of the year before.