The prices per hour labored, which embody wages, further funds, arrears, social contributions and different disbursements, paid by the employer for his staff, decelerate their advance between the months of April and June. After eliminating seasonal and calendar results, the associated fee per hour labored rose by 4% within the second quarter of the yr in comparison with the identical interval in 2023, half a degree decrease than the final document and the bottom determine in additional than a yr and a half, for the reason that finish of 2022, in line with provisional information offered this Tuesday by the National Institute of Statistics (INE) on the Harmonized Labor Cost Index (ICLA). By parts, the wage price grew in nearly the identical proportion as the overall index within the corrected sequence. It confirmed a rise of three.9% within the annual fee, whereas different prices elevated by 4.3%.
The non-seasonally adjusted determine rose by 1.6% in comparison with the identical interval in 2023. It can also be the smallest improve noticed for the reason that first quarter of 2022, which recorded 1.3%, and moderates by six factors the rebound skilled initially of 2024. The rise continues, though at a slower tempo, and labor prices have seen twelve consecutive quarters of year-on-year will increase.
The slowdown within the rise in labour prices is defined by the opposite figures included on this quarterly report. The information not corrected for seasonal results signifies that the rise in wages, the principle element of this index, slowed down throughout the second quarter of this yr. It recorded a year-on-year improve of 1.5%, nearly six factors under the rise recorded between January and March (7.4%). This is a lack of momentum just like that skilled by different prices, which embody social safety contributions and extra-salary funds (akin to compensation for bills and transport bonuses), or severance pay or termination of contract. These rose by 2%, in comparison with the 8% reported within the final ICLA advance. Labour prices, which exclude extraordinary funds and delays, grew by 1.6% year-on-year between April and June, in comparison with the annual fee improve of the primary three months of the yr (7.5%).
Information sector prices lead the rise
Excluding seasonal and calendar results, labour prices within the second quarter in comparison with the identical interval in 2023 had been info and communications (+6.7%); wholesale commerce (+6%); monetary actions (+5.1%) and manufacturing business (+5%). The solely year-on-year lower within the corrected sequence occurred within the extractive industries, the place labour prices fell by 2.2% in comparison with the second quarter of 2023.
If differences due to the season are usually not taken under consideration, the actions that registered probably the most pronounced year-on-year will increase in labour prices had been these within the info and communications sector and within the monetary sector. Both confirmed an increase of 4.3% within the second quarter of this yr. On the opposite facet of the desk, the INE survey reported the best decreases in prices within the extractive industries (-2.3%) and schooling (-1.8%).
As regards the variation in wage prices in comparison with the identical interval in 2023, actions inside the wholesale and retail commerce sector had been those who recorded the best development (+5.1%). Followed by extractive actions (+4.5%) and knowledge and communications (+4.4%). In distinction, the year-on-year variation in wage prices fell in actual property actions (-2.3%) and in schooling (-1.7%). The rise in wages within the extractive business in comparison with the discount in its labour prices is defined by the drop in non-wage funds and obligatory Social Security contributions in that exercise (-17.2%).
The slight improve within the quarterly fee
As for the quarterly fee (which compares the second quarter with the primary quarter), the ICLA information recommend a slight improve in tempo. The labor price per hour labored elevated by 0.9%, within the sequence corrected for seasonal and calendar results, one-tenth above the earlier quarter, which represented the smallest quarterly improve for the reason that third quarter of 2022.
Within the adjusted sequence, wage prices elevated by 4.7% quarterly, whereas different prices decreased by 1.7%. Labour prices, excluding extraordinary funds and arrears, didn’t change in comparison with the earlier quarter.
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