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Gross wage growth slows to 5.2% yr/yr in September

Gross wages in Hungary rose 5.2% yr/yr in September, the Central Statistics Office (KSH) said on Friday.

Wage growth slowed from a 6.5% increase yr/yr in August. Wage growth in annual comparison accelerated from June’s 4.6% until August.

Gross wages rose 3.5% in twelve months in the business sector, slowing from 5.4% in August, and public sector gross wages were up 8.2% yr/yr, somewhat faster than the 8.0% increase in August.

Net wages rose 5.7% yr/yr in September after increasing 6.8 % in August. Net wages rose 5.6% yr/yr in the business sector after a rise of 7.2% in August, and were up 5.1% in the public sector, after adding 4.9 % in August.

January-September gross wages were up 4.4% yr/yr, including 4.9% higher wages in the business sector and 2.3% higher wages in the public sector.

January-September net wages were up 5.7 % yr/yr. They grew 7.5% in the business sector, and 0.8% in the public sector.

Net wages rose over twelve-month inflation of 3.6 % in September - unchanged from August - and 3.9% in the first nine months.

Public sector wages include the wages of those employed in public work schemes.

The number of employees was 2.715m in September, 1.1% less than a year ago. Employment has been under its year ago level since May this year. In September, numbers grew in the business sector by 0.8% and decreased by 6.2% in the public sector.

In January-September, average number of employees was 2.691m, 0.1% less than a year ago. Business sector employment increased 1.7% while workplaces were 4.9% fewer in the public sector.