Cyclical|The number of employees in the companies monitored by the pension company Ilmarinen has been falling for over a year. Of the industries, personnel hiring, construction, and the accommodation and catering industry fell the most.
Pension company In its press release, Ilmarinen says that the number of employees in the companies included in its cyclical index decreased by 3.8 percent compared to a year ago.
Ilmarinen’s business cycle index describes the change in the number of employees of the company’s more than 60,000 customer companies compared to the previous year.
Of the industries monitored, the biggest declines were personnel hiring (14.9 percent), construction (9 percent) and the accommodation and catering industry (6 percent).
“The number of employees in the business cycle index has been falling for over a year now. In June, all the industries we follow fell. In the business cycle index of May, it seemed that the number of employees had reached the bottom and the direction was already turning to a slow rise. This has not happened, but the decline has intensified again. One influencing factor is the decrease in the number of summer jobs. Especially in construction and in the accommodation and catering sector, there have been clearly fewer seasonal jobs this year”, says Ilmarinen’s researcher Jouni Vatanen in the company’s announcement.
Vatanen says that the downturn in construction has been visible in Ilmarinen’s business cycle indices for a long time. Also in terms of personnel hiring, the decline is connected to construction and, in addition, to the accommodation and catering industry, which has been challenged first by the corona pandemic, then by inflation and the end of tourism from Russia.
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