The wages and salaries sum of the whole economy was 0.4 per cent smaller in the past May to July period than in the corresponding period twelve months before. In July alone the wages and salaries sum of the whole economy grew by 0.9 per cent. In the May to July period of last year the wages and salaries sum grew by 7.5 per cent year-on-year.
The growth in the wages and salaries sum slowed down or turned negative in all main industries in the May to July period. The development in the wages and salaries sum of the whole economy was slowed down most strongly by falls in the wages and salaries sums in manufacturing (-7.3%) and construction (-4.4 %). Falls were also recorded in the wages and salaries sums in trade and other services, whereas in financial intermediation the wages and salaries sum was slightly higher than twelve months back. Growth figures almost equalling those of the previous year were reached in the private educational services sector and in private health and social work.
Year-on-year change in wages and salaries sum in the 5-7/2009 and 5-7/2008 time periods, % (TOL 2008)
Source: Wage and salary indices, July 2009. Statistics Finland
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Last updated 14.9.2009