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Private sector cost of an hour worked increased by 5.6 per cent in April to June 2023

release 08/09/2023 | Labour cost index 2023, 2nd quarter

According to Statistics Finland, labour costs in the private sector rose by 5.6 per cent in April to June 2023 when compared to the respective period of the year before. In the central government sector, costs grew by 12.6 per cent and in the local government sector by 9.0 per cent. The second quarter of 2023 had 60 workingdays, which is one less than in the corresponding period of 2022. In the Labour Cost Index, a decrease in the number of working days usually has an increasing effect on costs.

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The big annual growth in the central government sector's costs in the second quarter of 2023 is caused by non-recurring items paid in April and the general increase in wages and salaries that entered into force in May.
Pay increases and non-recurring items also increase the local government's labour costs in the second quarter of 2023 compared to the corresponding period of the previous year.
Among private sector industries, the biggest rise in labour costs, 6.9 per cent, was recorded in financial and insurance activities (K) in April to June 2023 compared to the corresponding period of the previous year.
Costs grew least in the private sector, by 2.1 per cent, in trade (G) in the second quarter of 2023 from one year ago.

Statistics used in the release

Labour cost index

Tables

See key statistical data in the tables.

08/09/2023

Labour costs, index points 2021Q2-2023Q2

08/09/2023

Labour costs, annual change percentages 2021Q2-2023Q2

Data revisions

See key statistical data in the tables.

08/09/2023

Revisions to annual changes in the original labour cost index by sector

	1/2022	2/2022	3/2022	4/2022	2022	1/2023
Private sector	1st release, %	2,6	2,5	0,7	3,3	2,1	0,3
Latest release, %	2,8	2,1	0,6	3,3	2,2	0,4
Revision, %-points	0,2	-0,4	-0,1	0,0	0,1	0,1
Central government	1st release, %	1,9	3,3	2,4	6,7	3,5	2,0
Latest release, %	1,9	3,3	2,4	6,7	3,5	2,0
Revision, %-points	0,0	0,0	0,0	0,0	0,0	0,0
Local government	1st release, %	4,7	3,0	4,8	7,0	4,7	0,6
Latest release, %	4,6	3,2	4,4	6,7	4,6	-0,3
Revision, %-points	-0,1	0,2	-0,4	-0,3	-0,1	-0,9

08/09/2023

Revisions to annual changes in the seasonally adjusted labour cost index by sector

	1/2022	2/2022	3/2022	4/2022	2022	1/2023
Private sector	1st release, %	3,1	2,0	0,8	3,0	2,2	0,3
Latest release, %	3,6	1,5	0,7	3,0	2,2	1,0
Revision, %-points	0,5	-0,5	-0,1	0,0	0,0	0,7
Central government	1st release, %	2,0	2,8	2,2	6,2	3,5	2,7
Latest release, %	2,9	2,1	3,4	5,1	3,4	5,3
Revision, %-points	0,9	-0,7	1,2	-1,1	-0,1	2,6
Local government	1st release, %	4,4	3,2	4,6	6,5	4,8	1,3
Latest release, %	4,7	3,2	4,6	5,1	4,4	2,7
Revision, %-points	0,3	0,0	0,0	-1,4	-0,4	1,4