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Central Bank

Wages in Ireland increased by 4.7% in the year to October, according to new figures

Analysis by Indeed and the Central Bank indicate that wage growth ‘accelerated sharply’ in the first half of the year.

WAGES IN IRELAND have increased by an average of 4.7% in the year to October, according to figures released by the Central Bank.

This compares with average wage increases of 5.2% across six European countries as of October, and a wage growth increase of 6.2% in the UK.

The figures are based on millions of job postings on Indeed, to create a new monthly wage growth tracker.

The figures were analysed by Central Bank of Ireland economist Reamonn Lydon and Indeed economist Pawel Adrjan.

They found that the wages of job adverts posted online “accelerated sharply” in the first half of 2022 before easing slightly in the third quarter.

Initial analysis in October found that of the job adverts posted online in the euro area, the value of the wages of those positions grew from 2.5% in January to 4.2% in June.

This growth took place as businesses resumed full trading after the most severe part of the Covid-19 pandemic to date.

The wage growth continued in October 2022, with the analysis showing the average year-on-year increase was 5.2% – more than three times the 2019 average of 1.5%.

October wage growth was highest in Germany at 7.1%, followed by France at 5%, Ireland at 4.7%, Italy at 4.2%, the Netherlands at 4.0% and Spain at 3.5%.

The wage increases are lower than the current rate of inflation; an EU index shows that prices have increased by 9.5% in the year to October.

The figures also indicate that wage increases have also become more broad-based across Europe.

The report said: “Since the low point of the pandemic in early 2021, when posted wages were growing at a rate of 3% or higher in fewer than 40% of occupational categories in the euro area, the share has broadened to over 60% in October.

“There is a similar pattern in each of the six euro area countries.

“In October, the share of occupations with annual wage growth of 3% or greater ranged from 51% in Spain to 68% in Germany.

“This was well above pre-pandemic levels of around 30% to 50% for most countries.”

Not all jobs posted online include wage information.

In Germany 10% of job posts included the wage, while in the UK this figure was almost 50%.

Despite this variable, the analysis said that its wage estimates “broadly track official sources, including the acceleration in growth during 2022” when benchmarked against other figures.

Occupations seeing the fastest wage growth across Europe include community and social services; cleaning and sanitation; and food preparation and services.

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