A timely measure of wage growth on the basis of payment system data

October 2, 2024
Issue 2024-02

Summary

We use anonymised transaction data from the Swiss Interbank Clearing (SIC) payment system to construct a measure of wage growth in Switzerland. The resulting measure aligns well with other wage statistics available over the past few years. Compared with other sources, our measure has the important advantage of being available almost in real time. Our measure thus offers a timely picture of wage growth, which is valuable information for the conduct of monetary policy.

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Issue:
02
Pages:
6
Keywords:
Wage growth, Payment data, High-frequency data
Year:
2024

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Author(s)

  • Dr. Simon Alder

  • Dr. Simon Beyeler

  • Laura Felber

  • Jonas Huwyler

  • Dr. Christoph Meyer

  • Simon Niederberger

  • Dr. Rina Rosenblatt-Wisch

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