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Fri, 09 Sep, 2016 12:09:18 AM FTimes Report, Sep 9  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 decreased by 2.4 per cent in April to June 2016 compared with the respective period of the year before, according to Statistics Finland’s data.
Seasonally adjusted labour costs went down by 0.9 per cent in April to June 2016.
The drop is mainly explained by the fact that in the second quarter there were three more working days than in the corresponding quarter in 2015.
Differences in the number of working days and, thus, also in working hours, were mainly caused by Easter falling on the first quarter in 2016, while in 2015 it was in the second quarter.
In the private sector, labour costs without one-off pay items, such as performance-based bonuses, decreased by 2.2 per cent in April to June compared to the corresponding quarter one year ago, the statistics show.
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 declined by 5.4 per cent in April to June 2016 when compared with the respective period of the year before.
Labour costs without one-off pay items decreased by 5.7 per cent over the same period. Seasonally adjusted labour costs went down by 3.5 per cent. Over the same period, the index of wage and salary earnings in the central government sector went up by 2.0 per cent.
In the local government sector, the cost of an hour worked decreased by 2.6 per cent in April to June 2016 when compared with the respective period of the year before.
Labour costs without one-off pay items went down by 2.5 per cent. Over the same period, the index of wage and salary earnings in the local government sector went up by 1.2 per cent.
Also in the public sector, the decline is primarily explained by the higher number of working days during the second quarter of 2016 compared to the corresponding quarter of the previous year.
The cost per an hour worked in manufacturing industries decreased by 3.2 per cent, in construction by 1.5 per cent, and in business service activities by 2.1 per cent.
In manufacturing industries, the decrease in wages and salaries subject to preliminary withholding tax accelerated the drop in labour costs. In construction, the growth in hours worked strengthened the decline in costs.
In manufacturing industries, the biggest drop in the cost of an hour worked was found in the metal industry, 4.2 per cent.
The cost of an hour worked without one-off pay items fell by 3.0 per cent in the metal industry.
The costs went down by 2.9 per cent in the forest industry, and by 3.5 per cent in the food industry.
In service industries, the biggest decline was seen in financial and insurance activities, 4.3 per cent while iIn trade, the costs went down by 0.1 per cent as per the data.
Year-on-year change in labour costs according to TOL 2008, 2nd quarter 2016
Source: Wages, Salaries and Labour Costs, Statistics Finland.
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