Nominal wages rose in all sectors, but employment continued to decline in some of them

Nominal wages were higher year-on-year in all sectors, growing at a double-digit rate in 3 of them. Real wage growth was also recorded in 9 sectors, there was a slight lag behind at the level of half a percent only in information and communication. Employment was higher year-on-year in 6 out of 10 sectors monitored monthly, the numbers of employees was lower in industry, trade and transportation.

The average nominal monthly wage in February 2024 was higher year-on-year in all 10 sectors monitored monthly. It increased at a double-digit rate in three of them, i.e.  in transportation and storage by 13%, industry by 12.6% and accommodation by 10.9%. After taking into account the impact of inflation, which is slowly decreasing, wages also rose in real terms, in all sectors except information and communication. Real wage growth ranged from less than 4% in wholesale and construction to more than 9% in transportation, including storage. Real wage growth above 9% was last recorded in January 2023 in accommodation.

The Statistical Office of the SR would like to inform that since the publication of the data for January 2024, all absolute values and values of year-on-year and month-on-month indices of the employment and wages have been re-calculated due to methodological adjustments – The classification according to activity units²⁾ (PDF - 154 kB). The change relates to all monthly indicators of sectoral statistics.

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In February 2024, employment²⁾ rose in 6 out of 10 sectors monitored monthly. Selected market services and information with communication had the highest increases in the number of employees above the level of 3%. Employment rose at a slower pace, from 0.5% to 2.5%, in construction, sale and repair of motor vehicles, food and beverage service activities, and accommodation. Employment in industry has been decreasing for the last two years, currently it was lower by 2%. A decrease in the number of employees by 1.6% was also reported by both wholesale and retail trade, and employment dropped in transportation, including storage by 1%.

In the first two months of 2024, nominal wages rose in all 10 sectors monitored monthly. Wages in industry and transportation and storage, rose at a double-digit rate of over 11%. Real wages in 9 sectors were in year-on-year growth, ranging from 2.4% to 7.7%. So far, only wages in information and communication have not resisted inflation, they dropped by 1.2%.

From January to February, employment rose in six sectors, the fastest in selected market services and in information and communication. Year-on-year, a lower number of employees was registered in industry, wholesale, retail sale and in transportation and storage.