A decrease in real wages affected almost all sectors in November, only wages in accommodation resisted inflation

Despite the continuing crisis, employment grew in most of the monitored sectors, only industry and selected market services recorded a decrease in the number of employees. The growth rate of nominal wages accelerated, but only wages of employees in accommodation increased in real terms.

In November 2022, the number of employed persons increased, year-on-year,¹⁾ in 8 of the 10 monitored sectors of the economy.

Employment increased most significantly in food and beverage service activities, by almost one fifth. Companies providing accommodation employed by almost 14% more people year-on-year. However, both of these sectors have only supplemented staff numbers, which they lost due to the closure of operations during the pandemic. Employment growth of more than 4% was achieved in information and communication, the number of employees increased by more than 3% in sale and repair of motor vehicles and in retail trade.

On the contrary, the number of employed persons in industry decreased by 1.6%. This sector provides work to the largest number of persons, but the employment has been falling since March 2022. Selected market services also employed by 1.3% less persons year-on-year. The employment is decreasing for the third month in a row.

From the beginning of the year to the end of November 2022, employment increased year-on-year in 8 of the 10 monitored sectors, most significantly in accommodation by 9.7%, in food and beverage service activities by 7.7% and in information and communication by almost 5%. A slight decrease in employed persons continued in industry by 0.8% and in selected market services by 0.1%.

Development of the average wage in the SR in November 2022

In November 2022, the average nominal monthly wage²⁾ accelerated growth rate in all ten sectors of the economy year-on-year. It rose the least, by 5.2%, in the sector with the highest wages – information and communication, the most in accommodation by 26%. Employees in construction, retail trade and wholesale also recorded higher wages by more than 10%. Wage growth in other monitored sectors was higher than 8%.

However, the high growth of consumer prices (inflation) caused decreasing real wages in almost all sectors year-on-year. They fell the most in information and communication by 8.8%, the least in construction by 1% and in retail trade by 2%. In other sectors, a drop in the average real monthly wage ranged from 4.6% in wholesale to 6.4% in food and beverage service activities. The real wage increased only in the accommodation, by up to 9.2%.

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For the first eleven months of 2022, the nominal monthly wage increased from 5 to 20%, on average, in individual sectors year-on-year. Only accommodation resisted the pressure of high inflation, the wages of its employees were cumulatively higher by up to 6.8%. In the other nine sectors, employees received less in real terms than a year ago. Real wages fell the most, by more than 6% year-on-year, in information and communication, as well as in selected market services. A more significant decrease was also recorded in food and beverage service activities by 5.8%. Wages in construction were the least affected by high inflation, they decreased by 0.7% in real terms.