News
Friday - 12 June 2009
No. 95/2009
Labour cost index in 1st quarter 2009
Total labour costs per hour in the 1st quarter of 2009 increased by 3.3% in the economic activity of Construction compared with the previous quarter. During the same period the total labour costs per hour decreased by 1.5% in the economic activity of Wholesale and retail trade; repair and by 4.8% in the economic activities of Manufacturing and Transport, storage and communication.
The index for total labour costs excluding bonuses increased in all economic activities compared with the previous quarter. The increase ranged from 0.2% in Transport, storage and communication to 6.1% in Construction.
The Icelandic labour market has changed considerably over the past few months. The greatest changes were in the economic activity of Construction, where the number of workers with lower wages per hour, has decreased, resulting in higher labour cost per hour in the 1st quarter of 2009.
From the previous year total labour costs per hour rose by 14.7% in the economic activity of Construction, 2.0% in Manufacturing and 1.6% in Transport, storage and communication. During the same period total labour costs decreased by 3.7% in the economic activity of Wholesale and retail trade; repair.
The labour cost index measures, on a quarterly basis, the development of labour costs per hour worked. The index is not adjusted to changes in working hours or labour structure.