Wages rose more slowly in November, the real drop in wages was felt by employees of wholesale, market services and construction

Wages in November achieved nominal year-on-year growth in all 10 sectors monitored monthly, but actually increased in only 7 of them. Compared to November 2023, wages in accommodation increased the most in real terms, while they decreased the most in wholesale.  Employment rose in 6 out of 10 monthly monitored sectors of the economy, most in selected market services.

The average nominal monthly wage¹⁾ increased year-on-year in November 2024 in all 10 monthly monitored sectors, but the pace of its growth slowed down in most sectors. In none of the monitored sectors did the year-on-year growth exceed 10%. Wages rose the fastest in accommodation by 9.6% and in retail trade by 8.8%.

Real wage growth reached 7 out of 10 sectors, ranging from 1.1% in information and communication to 6.2% in accommodation. More significantly, above 5%, wages also rose in retail trade. The year-on-year real wage decrease of up to 1.6% was felt by employees of wholesale trade, construction and selected market services.

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In total for the first 11 months of 2024, both nominal and real wages increased year-on-year in all 10 sectors monitored monthly. A growth of nominal wages above 9% was achieved by retail and transportation and storage. Real wages rose from 1.5% in construction and selected market services to 6.6% in retail. The increase in wages over 6% was also in transportation and storage.

Year-on-year development of employment

Employment²⁾ in November 2024 increased year-on-year in 6 of the 10 monthly monitored sectors. It rose the most in selected market services, by 5.4%. Slower growth of up to 2.3% was achieved by construction, retail, as well as information and communication, accommodation and sale and repair of motor vehicles. Year-on-year decline in employment was recorded in 4 sectors. In the largest employer sector – industry, there were by 2.1% fewer employed persons than a year ago. The drop in the number of employees to 0.8% was also experienced by the wholesale trade, as well as food and beverage service activities, and transportation and storage.

From the beginning of 2024, employment rose year-on-year equally in 6 out of 10 sectors, the fastest in selected market services by 4.8%. The number of employees increased by over 2% in accommodation and information, including communication. Industry, wholesale, transportation and storage as well as food and beverage service activities recorded year-on-year lower numbers of employees.