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Private sector cost of an hour worked increased by 0.7 per cent in July to September

release 09/12/2022 | Labour cost index 2022, 3rd quarter

According to Statistics Finland, labour costs in the private sector rose by 0.7 per cent in July to September 2022 when compared to the respective period of the year before. In the central government sector, costs grew by 2.4 per cent and in the local government sector by 4.8 per cent. The third quarter of 2022 had 66 workingdays, which is the same as in the corresponding period of 2021.

The chart includes the original and seasonally adjusted annual change curve of the labour cost index by quarter from the beginning of 2008 to the third quarter of 2022. Year-on-year changes in labour costs have varied between 2008 and 2022 from minus two per cent to around nine per cent. The growth in labour costs was at its highest in the second quarter of 2009 and the biggest drop in costs occurred between 2016 and 2017. Similar annual changes can also be detected in the seasonally adjusted annual change curve. The changes are more evenly visible than in the original curve. Labour costs in the private sector grew by 0.7 per cent during the third quarter of 2022.

Key selections

The costs of an hour worked grew by 0.7 per cent in the private sector, by 4.8 per cent in the local government sector and by 2.4 per cent in the central government sector in July to September 2022 when compared to the respective period of the year before.
Of private sector industries, the biggest rise in costs, 6.4 per cent, was seen in financial and insurance activities.
Costs fell in information and communication by 1.2 per cent in the third quarter of 2022.

Statistics used in the release

Labour cost index

Tables

See key statistical data in the tables.

09.12.2022

Labour costs, index points 2020Q3-2022Q3

	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3
B-S Private sector	102.9	92.2	103.4	113.5	107.1	95.8	106.4	115.8	107.9
B-E Total industry	102.4	88.0	103.7	111.1	107.1	91.8	106.6	116.1	108.9
C Manufacturing	102.2	87.8	104.0	110.9	106.9	91.8	107.0	115.9	108.7
10-11 Food industry	109.1	93.5	110.7	118.6	112.6	98.4	110.9	121.2	113.1
16-17 Forest industry	98.4	85.4	99.8	114.0	101.3	88.8	107.3	121.5	106.1
19-22 Chemical industry	104.2	88.1	110.0	116.4	106.7	89.6	110.7	117.9	108.8
24-30 Metal industry	99.8	85.0	101.4	105.2	105.9	89.5	104.1	112.8	106.8
F Construction	108.1	94.8	105.4	113.0	110.7	98.3	107.8	115.3	112.7
G-N Service industries	102.0	93.9	104.8	116.2	106.8	97.5	107.7	118.1	107.5
G Wholesale and retail trade	104.0	94.5	111.4	119.7	108.6	101.2	116.5	122.1	109.9
H Transportation and storage	105.6	92.7	99.4	110.7	108.5	96.3	105.7	113.8	109.1
J Information and communication	102.2	89.5	103.6	114.3	102.9	93.5	102.8	113.7	101.6
K Financial and insurance activities	95.0	92.9	100.6	125.2	101.1	93.0	106.6	132.9	107.5
J-R State sector	101.7	93.2	94.1	119.4	107.1	95.4	95.9	123.3	109.7
D-S Local government sector	117.5	93.5	95.9	112.0	121.2	97.5	100.3	115.5	127.0

09.12.2022

Labour costs, annual change percentages 2020Q3-2022Q3

	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3
B-S Private sector	0.4	-1.2	3.2	2.8	4.1	3.9	2.9	2.0	0.7
B-E Total industry	-0.1	-2.4	3.6	2.9	4.6	4.4	2.8	4.4	1.7
C Manufacturing	0.1	-2.5	4.3	2.6	4.7	4.5	2.8	4.5	1.6
10-11 Food industry	-1.9	-1.7	5.0	2.0	3.2	5.3	0.2	2.2	0.4
16-17 Forest industry	-0.9	-3.4	-1.0	-1.1	2.9	3.9	7.5	6.6	4.7
19-22 Chemical industry	-0.4	-3.3	2.9	4.4	2.4	1.7	0.6	1.3	1.9
24-30 Metal industry	0.8	-2.8	5.9	2.8	6.0	5.3	2.7	7.2	0.9
F Construction	0.7	0.2	3.3	4.9	2.4	3.7	2.3	2.0	1.8
G-N Service industries	-0.1	-0.9	3.5	2.7	4.7	3.8	2.7	1.6	0.6
G Wholesale and retail trade	-0.8	-1.6	9.0	2.4	4.5	7.1	4.5	2.0	1.1
H Transportation and storage	0.4	-3.9	2.2	0.7	2.7	3.9	6.3	2.7	0.6
J Information and communication	0.8	-2.3	3.3	5.9	0.7	4.5	-0.8	-0.5	-1.2
K Financial and insurance activities	2.2	-0.5	-0.0	-1.0	6.4	0.2	6.0	6.2	6.4
J-R State sector	0.4	0.6	2.1	2.6	5.3	2.4	1.9	3.3	2.4
D-S Local government sector	3.4	1.1	3.5	2.5	3.1	4.3	4.6	3.2	4.8

Data revisions

See key statistical data in the tables.

09.12.2022

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

	1/2021	2/2021	3/2021	4/2021	1/2022	2/2022
Private sector	1st release, %	3,2	2,4	4,2	3,9	2,6	2,5
Latest release, %	3,2	2,8	4,1	3,9	2,9	2,0
Revision, %-points	0,0	0,4	-0,1	0,0	0,3	-0,5
Central government	1st release, %	2,1	2,5	5,4	2,4	1,9	3,3
Latest release, %	2,1	2,6	5,3	2,4	1,9	3,3
Revision, %-points	0,0	0,1	-0,1	0,0	0,0	0,0
Local government	1st release, %	3,7	2,4	3,0	4,3	4,7	3,0
Latest release, %	3,5	2,5	3,1	4,3	4,6	3,2
Revision, %-points	-0,2	0,1	0,1	0,0	-0,1	0,2

09.12.2022

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

	1/2021	2/2021	3/2021	4/2021	1/2022	2/2022
Private sector	Revision, %-points	0,2	0,7	0,3	-0,2	0,1	-0,4
Latest release	2,1	2,2	3,2	3,7	3,1	2,0
Latest release, %,	2,3	2,9	3,5	3,5	3,2	1,6
Central government	Revision, %-points	0,3	0,3	-0,4	0,0	0,3	0,0
Latest release	2,0	2,0	5,1	2,9	2,0	2,8
Latest release, %,	2,3	2,3	4,7	2,9	2,3	2,8
Local government	Revision, %-points	0,0	0,0	0,2	0,2	0,0	0,2
Latest release	3,4	2,3	2,8	4,1	4,4	3,2
Latest release, %,	3,4	2,3	3,0	4,3	4,4	3,4