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Home BUSINESSPrivate sector labour costs up by 1.9% in Q1
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Wed, 10 Jun, 2015 12:08:02 AM
FTimes Report, Jun 10
 
Year-on-year change in labour costs in the private sector from the respective quarter of the previous year. Source: Wages, Salaries and Labour Costs, Statistics Finland.
Private sector labour costs rose by 1.9 per cent in January to March 2015 compared with the corresponding period of the year before.
 
Seasonally adjusted labour costs rose by 1.7 per cent in the first quarter of the year, according to Statistics Finland.
 
Labour costs without one-off pay items, such as performance-based bonuses, went up by 0.4 per cent compared to the corresponding period one year ago.
 
Over the same period, the index of wage and salary earnings for the private sector went up by 1.3 per cent.
 
In the central government sector, the cost of an hour worked went up by 0.9 per cent in January to March 2015 when compared with the respective period of the year before, the data show.
 
The seasonally adjusted labour costs, however, remained unchanged.
 
In the local government sector, the cost of an hour worked rose by 2.1 per cent in the first quarter compared with the respective period of the year before. Costs without one-off pay items also rose by 2.1 per cent year-to-year.
 
The first quarter of 2015 had the same number of working days as in 2014.
 
Calculated by industry, the cost of an hour worked went up by 2.9 per cent in all manufacturing during the period compared to the corresponding period of the year before.
 
In the chemical industry, the cost of an hour worked grew by 4.7 per cent and in the forest industry by 7.1 per cent.
 
The cost of an hour worked in business service activities went up by 2.0 per cent. In services, the cost of an hour worked increased most in information and communication activities, by 4.2 per cent, and the biggest decline was seen in the transportation and storage industry, by 1.1 per cent.
 
The seasonally adjusted cost of an hour worked in all manufacturing went up by 2.9 per cent in January to March 2015 compared with the corresponding period of last year.
 
In the chemical industry, the cost of an hour worked went up by 5.0 per cent and in the forest industry by 4.9 per cent in January to March 2015 from the same period of the previous year. In construction, the seasonally adjusted cost of an hour worked grew by 2.7 per cent.
 
The respective rise in business service activities was 1.5 per cent. In transportation and storage industry, the cost of an hour worked went down by 1.2 per cent, while in information and communication activities the cost grew by 4.6 per cent.
 

Annual changes in labour costs according to Standard Industrial Classification 2008, 1st quarter 2015

 

Code Industry Labour Costs,
Year-on-year change
Labour costs Labour costs,
excluding one-off items
Labour Costs, seasonally adjusted
B-S Total 1,9 1,4 1,7
B-E Industry 2,9 2,1 2,9
F Construction 2,9 2,3 2,7
G-N Business service sector 2,0 1,7 1,5
J-R State sector 0,9 0,7 -0,1
D-S Local government sector 2,1 2,1 ..
Source: Wages, Salaries and Labour Costs, Statistics Finland.
 
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