Workers in a building web site Europa Press
The price per hour labored elevated by 3.5% within the third quarter of the yr in comparison with the identical interval in 2021, its highest rise for the reason that arrival of the covid, within the second quarter of 2020, in keeping with provisional knowledge from the Harmonized Labor Cost Index (ICLA) printed by the National Statistics Institute (INE).
With the rebound within the July-September interval, which expands by greater than two factors that skilled within the earlier quarter, the price of labor has chained 5 quarters of year-on-year rises.
By part, the wage price elevated by 3.7% within the third quarter in comparison with the identical quarter of 2021, its highest improve for the reason that second quarter of 2020, whereas different prices rose by 3%. Labor price, excluding extraordinary funds and arrears, grew by 3.3% year-on-year within the third quarter.
Eliminating seasonal and calendar results, the labor price per hour labored elevated by 2.7% within the third quarter in comparison with the identical interval in 2021, a charge 4 tenths increased than that of the earlier quarter and which is the very best for the reason that final quarter of 2020.
With this rebound, there are additionally 5 quarters of optimistic charges within the corrected collection. On a quarterly foundation (third quarter over second quarter), labor price per hour labored elevated by 0.5% within the collection adjusted for seasonal and calendar results, two tenths greater than within the earlier quarter. With this improve, 5 quarters of quarterly will increase have already been accrued.
Without making an allowance for the seasonal and calendar adjustment, the price of labor rose 4.1% between July and September, primarily because of the decrease variety of hours labored for the summer time holidays in comparison with the second quarter.