ECONOMY FINANCE&BANKING

Hourly cost of labour force up by 4.67 percent in 3rd quarter compared to previous quarter

The hourly cost of labour force as an adjusted form (according to the number of working days) has recorded a growth rate of 4.67 percent in the 3rd quarter of this year compared to the previous quarter and a growth of 14.7 percent compared to the same quarter of previous year, according to the data of the National Institute of Statistics (INS) published on Monday.

As a gross form (unadjusted) compared to the same periods of comparison, the hourly cost variation of the labour force had a similar trend with the adjusted form (5.57 percent, 16.09 percent respectively).

Compared to the 2nd quarter of 2016, the hourly cost of labour force (as an adjusted form according to the number of working days) has increased in the majority of economic activities, but the most significant increases were recorded in education (32.20 percent), public administration (7.06 percent), healthcare and social assistance (5.18 percent) and other services (5.12 percent).

According to the INS in education the rise of the hourly cost of labour force was also determined by the decline of the time effectively worked compared to the previous quarter because of the school holiday (a characteristic phenomenon of this activity in the 3rd quarter of each year).

The hourly cost of labour force (according to the number of working days) decline took place only in financial and insurance intermediation (-6.99 percent).

In the 3rd quarter of 2016 the growth of the direct expenses component (wages) with labour force was 4.64 percent compared to the previous quarter (as an adjusted form according to the number of working days), and the indirect expenses component (non-wages) was 4.78 percent. The increases recorded by the two components – for gross form index (unadjusted) – were 5.58 percent, 5.54 percent respectively.

In comparison to the same quarter of the previous year, on the main economic activities, the highest growths of the hourly cost of labour force (as an adjusted form according to the number or working days) were recorded in education (34.41 percent), in real estate transactions (30 percent) and in healthcare and social assistance (28.24 percent).

The drops were recorded only in extractive industry (-2.48 percent).

The increase compared to the same quarter of the previous year- indices as an adjusted form according to the number of working days – for the direct expenses component (wages) with labour force was 14.69 percent, and the index as gross form (unadjusted) was 16.12 percent. The indirect expenses component (non-wages) recorded similar growths (14.81 percent, 15.95 percent respectively).

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