MADRID, June 9 (EUROPA PRESS) – The cost per hour worked increased by 4.3% in the first quarter of the year compared to the same period in 2022, its biggest rise since the arrival of Covid, according to provisional data from the Employment Index. Harmonized Labor Cost (ICLA) published this Friday by the National Institute of Statistics (INE).
With the rebound in the January-March period, which expands by five tenths that experienced in the previous quarter, the cost of labor chains seven quarters of year-on-year increases.
By components, the salary cost increased by 4.1% in the first quarter of the year in relation to the same quarter of 2022, while other costs rose by 4.9%. Labor cost, excluding extraordinary payments and arrears, grew by 4.2% year-on-year in the first tranche of 2023.
Eliminating seasonal and calendar effects, the labor cost per hour worked increased by 4.1% in the first quarter of 2023 compared to the same period in 2022, a rate five tenths higher than that of the previous quarter and which is the highest since the arrival of Covid.
With this rebound, there are also seven quarters of positive rates in the corrected series.
At a quarterly rate (first quarter of 2023 compared to fourth quarter of 2022), the labor cost per hour worked rose 1.6% in the series adjusted for seasonal and calendar effects, three tenths more than in the previous quarter and its highest rise since the second quarter of 2020.
With this rise, there are already seven quarters of quarterly increases.
Without taking into account the seasonal and calendar adjustment, the cost of labor fell by 9.7% between January and March, mainly due to the lower weight of extraordinary payments compared to the previous quarter.
By components, the salary cost fell 12.6% quarterly, while other costs fell 0.7%. Labor cost, excluding extraordinary payments and arrears, contracted by 4.8% compared to the fourth quarter of 2022.
THE SALARY IN ENERGY SUPPLY, THE WHICH RISES THE MOST, WITH 11.5%
The activities that registered the highest annual increases in labor costs in the first quarter of 2023 were extractive industries (9.9%), the supply of electricity, gas, steam and air conditioning (9.2%) and information and communications ( 7.1%). In contrast, the only year-on-year cut occurred in financial and insurance activities, where the cost of labor fell by 5.5% compared to the first quarter of 2022.
If seasonal and calendar effects are eliminated, the activities where labor costs increased the most in the first quarter of 2023 in relation to the same period in 2022 were in the extractive industries (10%) and in information and communications (6.9% ). For its part, the only annual drop in labor cost in the corrected series was experienced by financial activities (-7.9%).
Regarding wages, the supply of electricity, gas, steam and air conditioning led the year-on-year rises in the first quarter of the year, with a rise of 11.5%, followed by wholesale and retail trade ( 6 .7%) and information and communications (6.6%), while the only decline in wages occurred in financial and insurance activities (-5.1%).
