The turnover of large companies slowed down again in July for the third consecutive monthwhen it grew by 5.2% year-on-year, half of what sales increased last April, just three months earlier, according to data from the survey prepared by the Tax Agency on Sales, Employment and Salaries in large companies. from your withholdings and VAT declarations.
However, despite this slowdown, this level of turnover has allowed these large companies -those whose volume of operations exceeded 6.01 million euros in the previous year and corporate SMEs- to continue increasing salaries and creating jobs at a good pace (these companies employ more than four million workers). Specifically, the wages of its workers have increased by 3.9% more than a year ago, which meant a rise of one point compared to the previous month in the interannual rate.
This salary increase, driven by the inflationary spiral, is evident in the increase in average gross earnings per worker calculated by this survey, which has stabilized at an average of around 3.5% so far this year, compared to 1% that the salaries of the workers of these companies increased on average last year. As the Agency itself recalls, one would have to go back to 2008 to find a year with an interannual growth rate of wages higher than this. “The price escalation that has been experienced since mid-2021 and the consequent update of wages in that context are the reasons for the change,” they explain.
However, these salary improvements occur to a greater extent in large companies, since the collective bargaining figures show that until August the average salary increase agreed in the collective agreements was 2.56% for almost seven million workers who already had agreed their working conditions in that month. In fact, the increases applied to large companies are also far from the high level of inflation situated at 10.4% in August.
Regarding the number of workers who are employed by these companies, the fiscal indicator for salaried employment also shows an increase of 5.2% compared to July a year ago, which also represents a slowdown for the fourth consecutive month in the year-on-year rate . Likewise, this growth rate is less than the 6% that was exceeded in the first quarter of the year, but so far this year (January-July) occupancy has grown by 6.2%, more than two points of what it advanced in all of 2021 (3.9%).
Despite these good levels of job creation and wage increases, the slowdown path experienced by the total sales of large companies is evident. The cause of this slowdown, according to the Tax Agency, was “the slowdown in the evolution of domestic sales, while exports, on the other hand, recovered part of the intensity lost in the month of June”. This worse behavior of national sales has occurred at the same time that the same thing happened in daily sales from the Immediate Supply system of VAT information, add the technicians of this body.
Specifically, the domestic sales of these companies went from growing almost 7% in June in the interannual rate to 3.1% last July; while exports recovered, going from an annual growth of 10% in June to 12.1% in July. In this way, internal turnover remains at 5.7% so far this year, a level identical to that registered in all of 2021, while exports have improved compared to the previous year, growing by 12.4% so far this year compared to 7.7% in 2021.