The wage increases are also well below inflation in the third quarter.
(Photo: dpa)
Berlin The earnings of the millions of employees in collective bargaining in Germany rose more slowly than ever in the third quarter and are nowhere near enough to compensate for the high inflation. From July to September they increased by an average of 0.9 percent compared to the same quarter of the previous year, as the Federal Statistical Office announced on Tuesday. “This is the smallest increase since the time series began in 2010,” the statisticians explained.
Since consumer prices rose by 3.9 percent in the summer months at the same time, the purchasing power of employees shrank. Collective basic remuneration and special payments stipulated by collective agreements such as one-off, annual special or collectively agreed back payments are taken into account.
Central bankers, economists and financial markets are currently watching the development of wages with eagle eyes. They are looking for clues as to whether a spiral of sharply rising consumer prices and wages is starting that could solidify the current high inflation.
In November, goods and services in Germany were 5.2 percent more expensive than in the same month last year. This is the highest rate of inflation in almost 30 years, which is mainly due to higher energy prices, Corona-related delivery bottlenecks and special effects such as the withdrawal of the VAT reduction.
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As a result of a special effect, collective wages in the manufacturing sector even fell by 0.9 percent in the third quarter: In the metal and electrical industry, a lump sum payment was made a year earlier, which this time is only planned for the current fourth quarter. Without this effect, collective wages in manufacturing would have grown by 0.6 percent.
Earnings in other economic services are growing at an above-average rate
There were also below-average tariff increases in the area of “trade; Maintenance and repair of motor vehicles ”with 0.5 percent. There was also a meager increase of 0.8 percent in the area of “professional, scientific and technical services”.
Collective wages in other economic services grew at an above-average rate of 2.9 percent. “In addition to regular wage increases, the adjustment of wages in the east to those in the west in the area of temporary employment was particularly noticeable,” it said. There was also noticeable growth in the construction industry (+2.1 percent) and in energy supply (+2.0 percent).
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