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Private sector cost of an hour worked increased by 4.4 per cent in July to September 2023

release 08/12/2023 | Labour cost index 2023, 3rd quarter

According to Statistics Finland, labour costs in the private sector rose by 4.4 per cent in July to September 2023 when compared to the respective period of the year before. In the central government sector, costs grew by 8.2 per cent and in the local government sector by 4.0 per cent. The third quarter of 2023 had 65 working days, 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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Key selections

In the central government sector, the cost of an hour worked grew more than in local government and in the private sector in the July to September period of 2023 from one year ago.
The rise in labour costs in the central government sector is mainly due to increased wages and salaries subject to withholding tax. The rise is also explained by the decrease in the number of hours worked, while in local government the number of hours worked increased.
Among private sector industries, the biggest rise in labour costs, 7.8 per cent, was recorded in the forest industry (C 16-17) in July to September 2023 compared to the corresponding period of the previous year.
For the second time in a row, costs in the private sector grew least, by 0.6 per cent, in trade (G) in the third quarter of 2023 from one year ago.

Statistics used in the release

Labour cost index

Tables

See key statistical data in the tables.

08/12/2023

Labour costs, index points 2021Q3-2023Q3

08/12/2023

Labour costs, annual change percentages 2021Q3-2023Q3

Data revisions

See key statistical data in the tables.

08/12/2023

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

	1/2022	2/2022	3/2022	4/2022	2022	1/2023	2/2023
Private sector	1st release, %	2,6	2,5	0,7	3,3	2,1	0,3	5,6
Latest release, %	2,8	2,1	0,6	3,3	2,2	0,5	4,8
Revision, %-points	0,2	-0,4	-0,1	0,0	0,1	0,2	-0,8
Central government	1st release, %	1,9	3,3	2,4	6,7	3,5	2,0	12,6
Latest release, %	1,9	3,3	2,4	6,7	3,5	2,0	12,6
Revision, %-points	0,0	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	9,0
Latest release, %	4,6	3,2	4,3	6,7	4,6	-0,8	8,7
Revision, %-points	-0,1	0,2	-0,5	-0,3	-0,1	-1,4	-0,3

08/12/2023

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

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