Gross wages rise 6% yr/yr in November

Analysis

Gross wages in Hungary rose 6.0% yr/yr in November, little changed from 6.1% in October, the Central Statistics Office (KSH) said on Friday.

The rise was from a low base, as gross wages fell 1.2% in the twelve months to November 2010 after a 1.2% rise in October 2010.

Gross wages growth picked up in the business sector, to 5.5% yr/yr in November from 4.7% yr/yr in October. Gross wages rose, in contrast, at a slowing pace in the public sector, where they were up 6.2% yr/yr after rising 8.7% in October.

Excluding the wages of those employed in public work schemes, public sector wages rose 2.3% in the twelve months to November. The increase slowed from 3.1% yr/yr in October.

Regular gross wages, excluding one-off items and bonuses, rose 4.9% yr/yr in November, less than overall wages did. Public sector regular wages rose 3.1% and regular wages in the business sector rose 5.3%, both less than did headline wages.

January-November gross wages were up 4.7% yr/yr. They grew 4.9% in the business sector and 3.2% in the public sector.

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