MNI: Canada Has CAD2.9B Q1 Budget Deficit Vs Prior Surplus

CANADA Q2 ANNUALIZED GDP +2.1% VERSUS +1.7% EXPECTED

MNI China Daily Summary: Friday, Aug 30

MNI BRIEF: China Aug PMI Contracts For Fourth Straight Month

MNI: US JUL PERSONAL INCOME +0.3%; NOM PCE +0.5%

MNI BRIEF: PBOC Bought Net CNY100 Billion CGBs In August

MNI: BAKER HUGHES US RIG COUNT 583; OIL RIGS 483; GAS RIGS 95

EZ/UK Bond Supply Calendar: UK, ESM Syndis; AS, DE Due Tuesday

MNI Chicago Report™: 27% Have Contingency Plans Due to Adverse Weather

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

SWEDEN: Real Wages Notably Higher in June As Inflation Receded

SWEDEN
CEEMEABulletSwedenGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

Swedish real wage growth saw a notable uptick in June, owing to the sharp fall in headline CPIF inflation that month. The recovery in real wages should start to support consumption a little more in H2 2024, particularly as Riksbank rate cuts progress.

  • The National Mediation Office (NMO) estimated that nominal wage growth was 4.0% Y/Y (vs 3.8% in May, 4.2% in April), driven by a 4.3% estimated rise in private sector wages and a 3.5% estimated rise in public sector wages.
  • Statistics Sweden’s non-manual workers wage series – which is reported by Bloomberg – edged down in June to 4.5% Y/Y (vs an upwardly revised 4.6% prior).
  • In April 2023, Swedish industrial unions agreed on a 2-year collective agreement whereby wages would rise by 4.1% in the first year and 3.3% in the second year. Wage outcomes in May and June 2024 therefore begin to reflect the second year of these agreements.
  • The "estimates" referenced in this note "are forecasts of what the cyclical wage statistics are expected to show when all retroactive wage payments have been added and the statistics have become definitive, which happens 12 months after the first outcome" (per the NMO).

 

192 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Swedish real wage growth saw a notable uptick in June, owing to the sharp fall in headline CPIF inflation that month. The recovery in real wages should start to support consumption a little more in H2 2024, particularly as Riksbank rate cuts progress.

  • The National Mediation Office (NMO) estimated that nominal wage growth was 4.0% Y/Y (vs 3.8% in May, 4.2% in April), driven by a 4.3% estimated rise in private sector wages and a 3.5% estimated rise in public sector wages.
  • Statistics Sweden’s non-manual workers wage series – which is reported by Bloomberg – edged down in June to 4.5% Y/Y (vs an upwardly revised 4.6% prior).
  • In April 2023, Swedish industrial unions agreed on a 2-year collective agreement whereby wages would rise by 4.1% in the first year and 3.3% in the second year. Wage outcomes in May and June 2024 therefore begin to reflect the second year of these agreements.
  • The "estimates" referenced in this note "are forecasts of what the cyclical wage statistics are expected to show when all retroactive wage payments have been added and the statistics have become definitive, which happens 12 months after the first outcome" (per the NMO).