AUGUST 2022 27 MONTHLY STATISTICAL BULLETIN Labour Cost Index increased by 5.7% in the 2nd quarter of 2022 In the 2nd quarter of 2022, year-on-year1: • The Labour Cost Index (LCI) increased by 5.7% (1.4% in the previous quarter); • Wage costs per hour effectively worked rose by 5.6% (0.7% in the previous quarter); » The largest increases were registered in Industry (7.4%) and Construction (7.1%); » The least expressive increases occurred in Services and Public Administration (5.1% and 5.0%, respectively); • Other costs, also per hour effectively worked, grew by 6.3% (4.2% in the previous quarter). This rate of change concerning the ICT is explained by the developments of the following factors: • Increase of 4.0% in the average cost per employee (3.5% in the previous quarter); The increase was across all sectors of economic activity, with: » The most significant rates of change being observed in Construction and Services (5.1% in both sectors); and » The smallest rate of change being registered in Public Administration (2.4%); The increases in the Public Administration have been substantially lower than in other activities since the 1st quarter of 2021; • A 1.5% decrease in the number of hours effectively worked per employee (2.6% increase in the previous quarter); The number of hours effectively worked per employee decreased in all economic activities except Services, with the most notable reductions in Industry (-2.6%) and Public Administration (-2.5%). In the same quarter of the previous year, a significant increase in the number of hours effectively worked per employee had been registered in all activities, except Construction, mainly explained by the total or partial reopening of enterprises that had been closed due to a legislative determination or due to the reduction of the normal working period as a result of the decrease in invoicing. 1 The data analyzed in this press release are working days adjusted. Labour Cost Index Working days adjusted data (year-on-year rate of change) 5.7% 4.0% -1.5% -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 2nd Q 2017 2nd Q 2018 2nd Q 2019 2nd Q 2020 2nd Q 2021 2nd Q 2022 Total Average cost per employee Number of hours actually worked per employee %
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