Monthly earnings up 3.6% y/y in Q3

Despite weak economic growth overall earnings of the public and private sector rose by 3.6% over the year earlier in the third quarter of 2010, according to the preliminary estimates of the Statistical Service.
The average monthly earnings of employees during the third quarter of 2010 was EUR 1,865, with males earning EUR 2,041 and females earning EUR 1,653.
In the third quarter of 2009, the average earnings were EUR 1,907.
The Statistical Service said that the increase mainly reflected the payment of the Cost of Living Allowance (COLA)—the inflation adjustment which added 1.40% to salaries from from January 2010 and 0.92% from July 2010.
On a seasonally adjusted basis, the increase compared with the year earlier was slightly lower, at 3.1%, while compared with the previous quarter there was a seasonally adjusted increase of 1.8%.
The corresponding percentage change observed during the third quarter of 2009 was 0%.