Employment in these companies continues to maintain a stable and favorable behavior and salaries moderate their growth to 3.9%


The total sales of large companies – deflated and corrected for seasonal and calendar variations – increased by 0.6% in November, returning to positive territory after the specific contraction of the previous month.

According to the latest information published by the Tax Agency on the ‘Sales, Employment and Salaries in Large Companies’ statistics, the recovery in sales has come hand in hand with both the rebound in domestic sales and the minor decline in exports. .

Specifically, domestic sales increased by 2.3% in November, 1.6 points above the October figure, breaking the path of moderation that had been observed since August.

Taking into account the different destinations, the evolution was heterogeneous: while consumer sales were more contained, reducing their growth to 1.6%, 0.7 points less than in October, investment sales maintained a good pace , 8.8%, a magnitude similar to that of the previous month.

Breaking down the latter, it is the sales associated with equipment and software that rose, registering an increase of 12%, while sales in construction moderated their growth to 1.7%.

In exports, the drop was reduced by just over one point, to 4.3%. The performance in the month has been more favorable for exports to the EU, which moderated their decline to 3.2%, compared to exports to third countries, which worsened it (-5.3%).

For its part, the number of recipients of income from work, a fiscal indicator of salaried employment, continues to maintain a stable and favorable behavior in November (3.3%).

Regarding the increase in average gross performance (salaries), it stood at 3.9%, a level markedly lower than that of the month of October – when salaries grew by 4.6% -.

In any case, the average in the last two months is very similar to that of the third quarter as a whole (4.1%), thus confirming a certain stabilization compared to the data closer to 5% that were observed at the beginning of the year.