Quarterly Labour Cost Survey (QLCS). Q3-2024
The Spanish Economy has released its Quarterly Labour Cost Survey (QLCS) for Q3-2024, providing insights into the latest trends in labour costs in Spain.
Key Findings
- Labour Costs Increase: Labour costs increased by 2.5% year-on-year in Q3-2024, following a rise of 2.3% in Q2-2024.
- Wages and Salaries Rise: Wages and salaries accounted for the majority of the increase, rising by 2.6% year-on-year.
- Public Sector Labour Costs Higher: Labour costs in the public sector grew by 3.1% year-on-year, outpacing the 2.1% increase in the private sector.
- Construction Sector Leads Growth: The construction sector experienced the highest labour cost growth at 4.5% year-on-year.
- Women Earn Less: The gender pay gap persisted, with women earning 15.4% less than men on average.
Analysis
The increase in labour costs is attributed to several factors, including higher minimum wages, collective bargaining agreements, and a tight labour market. The public sector’s higher labour cost growth reflects the government’s efforts to improve wages in the sector.
The construction sector’s strong performance is driven by the recovery in residential and non-residential construction activity. The persistent gender pay gap highlights the need for continued efforts to promote equal pay for equal work.
Implications
The rising labour costs have implications for businesses, the government, and workers.
- Businesses: Businesses may face increased pressure on margins due to higher labour costs. They may also need to adjust their hiring strategies to find affordable talent.
- Government: The government may consider policies to support job creation and reduce unemployment, while also addressing the gender pay gap.
- Workers: Workers may benefit from higher wages and salaries, but also face increased competition for jobs due to the tight labour market.
Outlook
The Spanish Economy expects labour costs to continue to rise in the coming quarters, albeit at a slower pace. The strength of the economic recovery, government policies, and collective bargaining agreements will continue to influence the trend.
Conclusion
The Q3-2024 Quarterly Labour Cost Survey provides valuable insights into the latest trends in labour costs in Spain. The increase in labour costs is a reflection of the improving economic conditions, but also poses challenges for businesses and the government. Ongoing efforts to address the gender pay gap and support job creation are crucial for sustainable economic growth.
Quarterly Labour Cost Survey (QLCS). Q3-2024
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