No further employment growth

  • More jobs in trade, transport, hotels and restaurants
  • Fewer jobs in public administration
  • Wage increase below inflation level

In the third quarter of this year, the number of employee jobs grew by 28 thousand relative to the third quarter of 2010, i.e. a modest increase by 0.3 percent. With a total of 32 thousand new jobs, trade, transport and hotels and restaurants performed best.

In various sectors, employment declined compared to last year, e.g. in public administration (15 thousand jobs lost) followed by manufacturing industry and construction. After correction for the effects of seasonal variation, the number of jobs was in the third quarter of 2011 was 7 thousand down on the second quarter.

Wages per working year were 1.3 percent higher in the third quarter of this year than in the same quarter last year. The modest increase is far below the inflation level of 2.6 percent. With 3.8 percent, wages rose most rapidly in the sector financial services.

The rise in wage costs by 1.5 percent was marginally above the wage increase, because the increase in employers’ contributions to unemployment and health care schemes was marginally higher than the reduction in the contribution to disability schemes.