Chart, average wage of employees : explosion on Q1

The National Statistical Office has updated its Labor Force survey, with Q1 2008 figures (my old chart here).

Table 7 : “Average wage of Employed Persons by Industry“.

Something clearly happened… 😉

Total average wages increased by 18,1 % compare to Q1 2007 (and +8 % compare to previous quarter) !

For agriculture sector, it’s even more astonishing : +47 % compare to Q1 2007, and +52 % compare to the previous quarter (Q4 2007) !

Non agriculture sector : +16 % year-on-year, but “only” +5,7 % compare to Q4 (it’s still a big increase).

Even though there is always a hike on Q1s compare to Q4… seasonal effect… but hikes on Q1 this year are much stronger.

It’s important to note that we are talking about Q1… Therefore the current gvt and all its “boost policies” is not really linked to this jump (albeit in march…).

It’s certainly more an effect of the… global inflation, particularily the huge increase of prices of agriculture products, etc.

And those wages increases are much higher than the growth… of the economy (GDP) !

Therefore, this money is going to fuel… inflation.

We see already the effects (CPI at +8,9 % in june, see my chart).

From my point of view : it validates the idea that the inflation is creating “spillover” effects… The BOT is going to increase its interest rates, it’s compulsory now. Wages can’t increase at such pace… it’s not sustainable.

Otherwise… welcome to the Zimbabwe path…

[if you want to look at the datas, click on the image

note : don’t ask me why item 3 “Electricity, gas and water supply” goes from 20 000 THB on Q4 to 6 000 on Q1 ! 😉 Miracle of thai statistics ?]

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