Hourly costs for labor force increased by 3.19 pct in Q4 2013

Newsroom 06/03/2014 | 16:02

The hourly cost for labor force increased in the last quarter of 2013 with 0.07 percent compared to the previous quarter and 3.19 percent compared to last year, according to preliminary data released by the National Institute of Statistics.

“In brute form (non-adjusted), compared to the comparative intervals, the cost variation for an hour of work is significantly different from the adjusted form (0.07 percent, 3.17 percent respectively)”, according to the INS press release.

In the last three months of 2013, compared to the previous quarter, the hourly cost of labor increased in most economical sectors.
“The most significant increases were recorded in construction (6.57 pct), real estate transactions (4.1 pct), financial and insurance (3.72 pct)”, INS ads.

At the same time, there are sectors where the cost of labor force dropped.

“The most significant decreases were recorded in education (-13.81 pct) as a result of more hours spent at the workplace (a characteristic of every fourth quarter, given that schools are back in sessions),  extraction industry (-7.33 pct) and utilities (-5.43 pct)”.

Regarding salary expenses, they increased by 0.08 percent compared to the previous quarter. Non salary expenses were up 0.05%.

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