Average Hourly Labour Costs in 2023

Wide Range of Costs Across Industries

Hourly labour costs varied significantly across industries in 2023, ranging from 93 to 539. This wide range reflects the diverse nature of the economy and the different skills and expertise required in different sectors.

Construction and Financial Activities Lead the Way

Construction and financial activities topped the list of industries with the highest hourly labour costs, at 539 and 458 respectively. These sectors often require specialized knowledge and experience, which commands a premium in the job market.

Hospitality and Retail at the Lower End

At the other end of the spectrum, hospitality and retail industries had the lowest hourly labour costs, at 149 and 171 respectively. These sectors typically require less specialized skills and offer fewer opportunities for advancement.

Data Sources and Methodology

Data for hourly labour costs was sourced from the quarterly Labour Cost Index (LCI), which measures the short-term change in total hourly costs for employers. The LCI provides a comprehensive overview of labour costs across various industries and regions.

Conclusion

The wide range of hourly labour costs in 2023 highlights the complex and dynamic nature of the job market. Different industries value skills and experience differently, leading to significant disparities in compensation. Understanding these variations is crucial for businesses in planning their workforce and attracting the best talent.