Forecasts of wages and labour costs are important to the Riksbank's assessment of the future developments in inflation and employment. An important source of statistics for the Riksbank’s forecast for developments in wages is the short-term wage statistics. One of the properties of the monthly short-term wage statistics is that the outcomes are revised on an ongoing, systematic basis over the year. It takes 12 months for the first preliminary outcomes to become definitive. The Riksbank uses a method known as a “wage algorithm”, which uses for instance the first preliminary wage outcome, to obtain an estimate of the coming final wage outcome.
In connection with the National Mediation Office’s publication of the first preliminary wage outcome for an individual month, the Riksbank will publish an estimate of the coming final wage outcome for the month concerned. The Riksbank will also publish the first preliminary wage outcome (which is the same measure as the National Mediation Office publishes) and the size of the revision given the Riksbank’s estimate. All of the measures published concern the Swedish economy as a whole.