Wage growth slowed down in June, the drop in real wages was perceived by employees in market services and in construction

Wage growth slowed down in June, real wages increased year-on-year in 8 sectors, while they dropped in market services and in construction. 6 out of 10 sectors had more employees than a year ago, with the largest increase in accommodation.

Compared to last year, real wages increased in 8 of the 10 sectors monitored monthly, most notably in retail trade. In real terms, employees in selected market services and in construction earned less. 6 out of 10 sectors had more employees than a year ago, with the largest increase in accommodation.

The average nominal monthly wage^1,2) in June 2024 increased year-on-year in all 10 sectors monitored monthly. It rose at a double-digit rate only in retail trade by 11.2%. Real wages increased compared to last year in 8 of the 10 sectors monitored monthly, the most in retail trade by 8.9%. A real growth rate by more than 5% was also achieved by wages in sale and repair of motor vehicles, in food and beverage activities, but also in transportation and storage.

At the same time, in the two monthly monitored sectors, nominal growth was no longer enough to keep up with inflation, and the real value of wages decreased year-on-year, namely in selected market services by 1.3% and in construction by 0.7%.

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In total, for the first half of 2024, both nominal and real wages rose in all 10 monthly monitored sectors. Growth of nominal wages above 10% was registered by transportation and storage, retail trade and also industry. Real wages rose in a range from 1.8% in information and communication to 7.7% in retail trade and also in transportation, including warehousing. Their growth of over 5% was shown by food and beverage service activities, as well as sale and repair of motor vehicles.

Year-on-year development of employment

Employment^1,3) in June 2024 increased compared to last year in up to 6 of the 10 monthly monitored sectors. It rose the most in accommodation, by 6.3%, and in selected market services by 5.2%. The largest employing sector – industry continued to reduce employment, currently by 2.6%. Fewer employees than a year ago also worked in wholesale trade by 2.3%, while retail and transportation and storage also registered a decrease of half a percent.

In total for the 6 months of 2024, employment rose year-on-year in 6 out of 10 sectors, the fastest in selected market services by 4.8% and information and communication by 3.8%. Year-on-year lower number of employees was recorded in industry, wholesale, retail trade as well as transportation and storage.