In the third quarter of 2025, the trend growth in contractual wages slowed compared to the previous quarter, while remaining above inflation. The weakening of wage dynamics is a combination of a marked slowdown in the industrial sector, substantial stability in private services, and a slight acceleration in the public sector, following the payment of the contractual holiday allowance. In real terms, contractual wages in September 2025 were still about 8.8% below their January 2021 level.
