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Hungary gross wage growth slows to 1.2% in October after two months of acceleration

Twelve-month gross wage growth in Hungary slowed to 1.2 % in October from 2.3% in September and 1.9% in August, the Central Statistical Office (KSH) said on Friday. It was 0.2 yr/yr in July.

Twelve-month gross wage growth in the business sector was 3.0% in October after 4.2% in September. Gross wages in the public sector were down 3.0% in October yr/yr after dropping 1.8% in September.

In January-October, gross wages rose 2.3% from the same period a year earlier. Business sector wages were up 4.0% while public sector wages fell 1.3%.

Twelve-month net wages climbed 5.2% in October yr/yr after 6.1% in September and 5.8% in August. In the business sector, net wages were up 6.3% after rising 7.3% in September and climbed 2.7% after a 3.8% rise in September in the public sector.

Real wages rose 1.0% in October calculating with 4.2% yr/yr inflation after increasing 2.2% in September, and were up 2.8% in January-October compared to the first ten months of last year, calculating with 5.0% average yr/yr inflation in the first ten months.

In October, 2.744 million people were registered as employees, 2.8% more than a year ago. Employment started to grow yr/yr in April. In January-October, the average number of employed was 2.699 million, 1.3% more than year ago.

In the business sector 1.853 million people held jobs in October, 2.7% more yr/yr while employment in the public sector increased 2.0% to 785,100. (MTI-Econews)