Wage growth in all sectors exceeded inflation, real wages in retail reached a double-digit growth
Real wages were higher year-on-year in all 10 sectors monitored monthly, as many as 6 of them achieved a wage growth above 5%. Wages rose the least in construction, on the contrary, they were higher by a tenth in the retail trade. Employees increased year-on-year in 8 out of 10 monitored sectors, their decreases were recorded in industry and transportation.
In March 2024, the average nominal monthly wage1) was higher year-on-year in all 10 sectors monitored monthly. It rose at a double-digit rate in three of them, namely in retail trade by 12.5%, industry and in food and beverage service activities by 11.4% as well. After two months, all selected sectors also recorded a growth in real wages, ranging from 0.3% in construction to 10% in retail.
From January 2024, all absolute values and year-on-year index values were recalculated in connection with changes in the data calculation methodology2).
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In the first three months of 2024, both nominal and real wages rose in all 10 monthly monitored sectors. Nominal wages rose at a double-digit rate above 10% in industry, transportation and storage and also in retail. Real wage growth ranged from 1.2% in information and communication to 8.1% in industry.
Year-on-year employment development
In March 2024, employment3) was higher year-on-year in 8 of the 10 monthly monitored industries. Selected market services had the highest increase in the number of employees exceeding 5%, in information and communication employment increased by 3.6%. Construction and all sectors of internal trade increased the number of employees more moderately, ranging from 0.4% to 2.4%. Industry continued to record a long-term decrease in employees, currently in employment it decreased by 2.4%. It was the most significant employment decrease in this sector since March 2022. Transportation and storage, also recorded a decrease in the number of employees for the second month, currently by 0.4%.
From January to March 2024, employment rose in 6 out of 10 sectors, the fastest in selected market services and information and communication. Year-on-year lower numbers of employees were recorded in industry, wholesale, retail, as well as transportation and storage.
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