December 6, 2023

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Hourly labor costs rose 6.5% in the second quarter

Hourly labor costs rose 6.5% in the second quarter

Madrid (EFE).- The cost per hour of work rose by 6.5% in the second quarter compared to the same period of the previous year, the largest increase for this indicator since the second quarter of 2020 when the pandemic struck.

According to the Coordinated Labor Cost Index (ICLA) published on Friday by the National Institute of Statistics (INE), with this increase, which reflects salary increases and the rest of labor costs, there are seven quarters of growth.

Breaking down by components, in the data from the original series, salary costs per hour worked rose by 5.7% and other costs by 8.8%.

The numbers were put in place in a year that began with an increase in the SMI

These figures are drawn up in a year that began with the minimum salary between specialties (SMI) increasing by 8% to €1,080, while the maximum increased by 8.6% and the intergenerational equality mechanism came into effect. Which raises social contributions.

Besides, salary increases have occurred in the context of high inflation.

On a quarterly basis, as well as in the original series, the increase in labor costs is 9% due to the greater weight of extraordinary payments in the second quarter of 2023 compared to the first quarter, notes the National Institute of Statistics.

Cost according to activities

By activity, the largest year-over-year increases in total labor costs in the second quarter occurred in extractive industries, at 11.3%; professional, scientific and technical activities 8.6%; Transportation and storage 8.1%.

In view of this, the cost of electricity, gas, steam and air conditioning supplies decreased (4.9%), and the most moderate increases were recorded in real estate activities by 1.3%. Water supply and sanitation activities, waste management and decontamination 1.5%.

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Looking only at hourly wage costs, the departments with the largest increases were transportation and warehousing and professional, scientific and technical activities, with an increase of 8.1%.

Conversely, wage costs decreased in electricity, gas, steam and air-conditioning supplies (6.9%) and water supply, sanitation, waste management and decontamination activities (0.7%).