Stylized Facts

about former Yugoslav republics economies

Real Sector Wages

Serbian monthly wages time series plots

In this blog post graphic methods are used to describe Serbian monthly wages time series.

Two types of a line graph could be used to show changes in monthly wages over time. The first displays both time series on a single graph. The second type of graph displays each series on a separate panel. On such graph any persistent pattern related to trend or seasonal factors should be clearly visible.

Figure 1 shows line graphs of monthly wages time series on the same panel.

Figure 1. Serbian monthly wages series (same panel)

From Figure 1 is quite clear that the both time series show quite similar patterns in both trend and seasonal components. There is a break in the upward trend in 2009 and the wages growth rates were at the lower level. Another slowdown in wages growth occurred in 2014.

Figure 2 shows line graphs of monthly wages time series on the separate panels.

Figure 2. Serbian monthly wages series (separate panels)

Unit labor costs in industry series has a different pattern. It looks like this series fluctuate around some constant level, though the cyclical character of this series can’t be also rejected. It could be also noticed that this series has quite distinctive seasonal pattern than the other two series. These differences will be further examine on the seasonal plots.

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Zlatko Kovacic
Director of Wellington based My Statistical Consultant Ltd company. Retired Associate Professor in Statistics. Has a PhD in Statistics and over 35 years experience as a university professor, international researcher and government consultant.