Consumer prices hike negatively impacts earnings

Real earnings decreased by 5.7 per cent compared to the fourth quarter of the previous year because the rise in consumer prices was faster than that in the earnings level, according to Statistics Finland.

According the preliminary data,, the index of wage and salary earnings, which measures the rise in the nominal earnings of full-time wage and salary earners, rose by 2.7 per cent in October to December 2022 when compared with the respective period in 2021.

According to Statistics Finland's Labour Force Survey, the average number of employed persons aged 15 to 74 was 2,619,000 and that of unemployed persons was 190,000 in 2022. There were 65,000 more employed and 22,000 fewer unemployed persons than in 2021. The employment rate of those aged 15 to 64 was 73.8 per cent in 2022. The employment rate grew by 1.6 percentage points from 2021.

The number of employed persons was 43,000 higher in the fourth quarter of 2022 (October to December) than in the corresponding quarter of 2021. The number of employed women grew clearly, while the number of employed men fell slightly.

The number of employed people was 10,000 higher in December 2022 than one year previously. The number of unemployed persons was the same as one year ago. The trend of the employment rate among persons aged 15 to 64 was 74.5 per cent and the trend of the unemployment rate of ⁠persons aged 15 to 74 was 6.9 per cent.