Worker pay hikes slowed in Q3 2011, reports NSCB

The annual increase in the average pay of workers in major industries slowed down in the third quarter of 2011 to 3.5 percent, according to the National Statistical Coordination Board.

NSCB said in a report that the July-September increase in current prices of average pay was weaker than the 7.2 percent year-on-year growth observed in the same period of 2010.

Also, third-quarter growth in per-capita compensation was slower than the 5.1 percent recorded in the second quarter of 2011.

Based on the NSCB’s latest Quarterly Economic Indices report, the mining and quarrying sector registered the highest growth in terms of average compensation at 25.2 percent year on year.

Other top performers were real estate where average pay grew by 8.19 percent, and private services, 7.3 percent.

The NSCB’s QEI are used as bases for deciding on how much wages should be, as well as for forecasting and projections.

Aside from the three sectors already mentioned, the QEI covers the sectors of manufacturing; electricity and water; trade; transportation and communications; and finance.

The growth in the total compensation employee index eased as the total gross revenue index grew by 7.5 percent in the third quarter from 14.8 percent in the same quarter of 2010.

The real estate sector registered the highest growth in terms of revenue at a faster 24.5 percent, which has remained in double digits for the seventh consecutive quarter. This sector grew by 15.9 percent in the year-ago quarter.

The trade sector followed with 9.1 percent while transportation and communications registered 6.9 percent.

Further, the total employment index barely grew at 0.5 percent, slowing from 1.9 percent in the year-ago quarter. Real estate recorded the highest growth in job generation with 4.7 percent.

Also, growth of the total compensation index slowed to 4.1 percent from the previous year’s 9.2 percent.

Again, real estate performed best with a double-digit growth of 13.2 percent while private services grew 7.5 percent and transportation and communications had 6 percent.