The cost of labor per hour worked increased by 1.6% year-on-year in the second quarter of the year, the lowest increase in the last two years and far from the 7.6% (after revision of one tenth above) that increased between January and March. In this sense, according to the original series, the hourly wage worked – the most important component of the cost of labor – increased by 1.5% compared to the previous year, compared to 7.3% in the previous period.
The Provisional Harmonized Labor Cost Index (ICLA) published this Tuesday by the National Institute of Statistics (INE) now includes 11 consecutive months of increases in labor costs, and 12 months of wage costs (the total expense item per worker that the employer allocates to wages).
Other costs (contributions, benefits, compensation, etc.) increased by 2%. If we exclude extraordinary payments and delays, it increased by 1.6% over a year between April and June, according to statistical data.
The activities with the largest annual increases in hourly wages were wholesale and retail trade (+5.1%), mining (+4.5%) and information and communications (+4.4%), while the largest decreases were recorded. Real estate (-2.3%) and education (-1.7%).
On a quarterly basis (second quarter compared to the first), labor costs per hour worked increased by 3%.
