![Information and communication [technology] sector workers are, on average, the highest paid workers in the State. Photograph: iStock](https://www.irishtimes.com/resizer/v2/7GSHBQT3PJDHVOXU3PZN6V4XCM.jpg?auth=5c59b1f8b57889d3796bd757962a66c3cde3447294bec3ed3e5711161beba6cd&smart=true&width=1024&height=685)
Wage inflation remains above 5 per cent as Irish workers seek compensation for the fall-off in real earnings during the recent inflationary surge.
According to the Central Statistics Office (CSO), the average weekly earnings for employees in the Irish economy rose by 5.3 per cent year on year in the third quarter to stand at €955.49.
The figures show weekly earnings rose across all 13 sectors of the economy in the year to the third quarter. The largest annual percentage increase was 8.7 per cent in the information and communication sector, rising from €1,524 to €1,656.
Information and communication [technology] sector workers are, on average, the highest paid workers in the State.
European Central Bank (ECB) policymakers are worried that inflation linked to wage growth particularly in the services sector might be more difficult to restrain.
Nonetheless they are expected to continue to cut interest rates this month as inflation pressures here and in other countries continue to ease.
The CSO’s data indicated that average hourly labour costs grew by 4.7 per cent to €29.14 on an annual basis in the third quarter. The sector with the highest average hourly total labour costs in the third quarter was the information and communication sector at €58.64. The lowest average total labour costs were in the accommodation and food service activities sector, which recorded a rate of €18.69.
The job vacancy rate in the third quarter, which measures job vacancies on the last working day of the quarter, was 1.2 per cent, which was down from 1.3 per cent in the second quarter.
- Sign up for the Business Today newsletter and get the latest business news and commentary in your inbox every weekday morning
- Opt in to Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
