Hourly cost of labor, 2.58 pct drop in Q1 of 2021

The hourly cost of labor in adjusted form (adjusted for number of working days) recorded in the first quarter of this year a decrease of 2.58 pct over the previous quarter and a 5.56 pct increase compared to the same period of 2020, according to data published on Friday by the National Institute of Statistics (INS).

Furthermore, over the fourth quarter of last year, the hourly cost of labor (in adjusted form depending on number of working days) dropped in most economic activities.
"The most significant drops of the hourly cost of labor (in adjusted form depending on number of working days) were found in financial intermediation and insurance (-8.88 pct), production and supply of electric and thermal energy, gas, hot water and air conditioning (-8.34 pct), as well as show, cultural and recreational activities (-8.08 pct)," the INS release shows.

On the other hand, the highest increase of the hourly cost of labor in adjusted form depending on number of working days was recorded in education (2.48 pct). Over the previous quarter, the component of direct costs (salary) for labor dropped by 2.56 pct, and that of indirect costs (non-salary) by 3.01 pct.

Compared to the same quarter of the previous year, the hourly cost of labor in adjusted form depending on number of working days increased in most economic activities.

Furthermore, the INS mentions that, over the same quarter of the previous year, the component of direct costs (salary) for labor increased by 5.59 pct, and the component of indirect costs (non-salary) by 4.96 pct.