Labor costs rose 4% in the third quarter and salary reached its highest number in 22 years

The Average labor cost per worker and month (which includes bonuses and social contributions) increased by 4% in the third quarter of the year compared to the same period in 2021, to reach €2,754.75. That way, there are already seven consecutive quarters of increases, according to data released today by the National Statistical Institute (INE). While wages (which add up both cash and in-kind wages), in the same period, grew by 4.1% year-on-year in aggregate terms to stand atn an average of 2032.05 euros per worker and month. This is the highest number since 2000.

By activities, the hotel and restaurant industry led the rise in wages in the third quarter, With an annual increase of 15.4% to €1,314.59 per month per worker. Interannual wage growth in the hospitality industry slowed by about 25 points compared to the second quarter, when it increased by 40.3%.

The National Institute of Statistics also reported that in the third quarter of the year there was 143,876 vacanciesA vacancy is understood to mean a job that has been created recently, that is not occupied, or that is about to become free and for which the employer is taking active steps to find a candidate from outside the company.

94.5% of the companies asked by the census answered that they had no vacancies between July and September because they did not need additional workers. Most of the vacancies, nine out of ten, are on Services sector.