Wage growth slowed down slightly, only in the construction industry it lagged behind price growth

Wages rose year-on-year in September, but in half of the sectors monitored monthly, their growth rate was slower than in the summer months. Adjusted for inflation, wages increased in 9 out of 10 sectors, the most in sale and repair of motor vehicles. They dropped only in construction. Employment increased in 6 out of 10 sectors, most in selected market services and accommodation.

The average nominal monthly wage¹⁾ in September 2024 rose year-on-year in all 10 sectors monitored monthly, but in five of them at a slower pace than in the previous 2 months. Wages rose the fastest in sale and repair of motor vehicles, i.e. by 8%, the slowest in construction  by only 1.5%.

After taking into account the effect of inflation, wages increased in real terms year-on-year in 9 out of 10 sectors, ranging from 0.2% in information and communication to 5.3% in sales and repair of motor vehicles. Wage growth exceeded 5% in transportation and storage and 4% in industry as well as in food and beverage service activities. Real wages dropped only in construction, by 1%.

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In the total, in the first 9 months of 2024, both nominal and real wages rose in all 10 monthly monitored sectors. Growth of nominal wages above 9% was achieved by retail trade, transportation and storage and also in industry. Real wages rose in a range from 1.7% in information and communication to 6.8% in retail trade and also in transportation and storage. The wage increase reached 6% and more in industry as well as in food and beverage service activities.

Year-on-year development of employment

The number of employed persons²⁾ in September 2024 was higher year-on-year in 6 of the 10 monthly monitored sectors. Employment increased the most in selected market services by 4.6%, the least in food and beverage service activities by 0.4%.

The year-on-year decrease of employees in industry continued, the current decrease was 2.4% and was the same as in the sale and repair of motor vehicles. Transportation and storage and wholesale also had lower employment than last year.

From the beginning of 2024, employment rose year-on-year in 5 out of 10 sectors, the fastest in selected market services by 4.8%. Industry, wholesale and transportation and storage, recorded year-on-year lower numbers of employees. The number of employees in retail trade as well as in food and beverage service activities remained approximately at the level of last year.