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Home BUSINESSLabour costs go up by 1.0 per cent in Q3
Thu, 10 Dec, 2015 12:09:54 AM
FTimes Report, Dec 10
Year-on-year change in labour costs in the private sector from the corresponding quarter of the previous year. Source: Wages, Salaries and Labour Costs, Statistics Finland.
Private sector labour costs rose by 1.0 per cent in July to September 2015 when compared with the respective period of the year before, according to Statistics Finland.
Seasonally adjusted labour costs rose by 1.2 per cent in the third quarter of the current year.
Labour costs without one-off pay items, such as performance-based bonuses, increased 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 1.2 per cent, the data show.
The cost per an hour worked in manufacturing industries (B to E) grew by 2.1 per cent, decreased by 0.5 per cent in construction (F), and increased by 0.6 per cent in business service activities (G to N).
In manufacturing industries, the decline in the number of hours worked (2.8 per cent) compared to the corresponding quarter last year sped up the growth in costs.
Over the same period, wages and salaries subject to preliminary withholding tax contracted by 1.1 per cent according to the data of the Labour Cost Index.
In construction, both wage and salary costs and hours worked diminished. In business service activities, wage and salary costs declined by 1.1 per cent and hours worked decreased by 1.5 per cent as per the statistics.
In manufacturing industries, the highest growth in the cost of an hour worked was found in the metal industry, 5.0 per cent. In the forest industry, the cost went up by 3.7 per cent.
Among service industries, growth was biggest in information and communication activities, 4.4 per cent. In wholesale and retail trade, the costs went down by 1.0 per cent.
In the forest industry, the seasonally adjusted cost of an hour worked went up by 5.2 per cent and in the metal industry by 3.6 per cent in the July to September period of 2015 from the same period of the previous year.
The costs increased by 3.3 per cent. in information and communication activities.
The labour cost index measures the change in wage and salary costs calculated per hour worked.

Year-on-year change in labour costs according to TOL 2008, 3rd quarter 2015


Code Industry Labour costs,
year-on-year change
Labour costs Labour costs,
without one-off pay items
Labour costs, seasonally adjusted
B to S Total, private sector 1,0 0,4 1,2
B to E Manufacturing 2,1 1,1 2,1
F Construction -0,5 -0,0 -0,4
G to N Business service activities 0,6 0,1 1,2
J to R Central government -0,2 0,5 -0,1
D to S Local government 0,1 0,5 ..

Source: Wages, Salaries and Labour Costs, Statistics Finland.

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