In H1 2022, the nominal average wage per capita (SMPT) in the non-agricultural market branches is expected to accelerate: it increased by +0.8% in Q1 and looks set to grow by +1.2% in Q2. It will probably receive a boost when rising consumer prices and hiring diffi culties are taken into account in wage negotiations in several branches, and as a result of the two increases in the minimum wage (SMIC) that were applied over the half-year (+0.9% on 1st January and +2.65% on 1st May). In addition, in Q2, the substantial reduction in the amount of sick leave taken due to the slowdown of the Covid-19 epidemic is likely to contribute to a rise in the SMPT, as sickness benefi ts paid by social security are not considered as wages. Conversely, the withdrawal of the extraordinary purchasing power bonus mechanism (PEPA) on 31 March (before a possible resumption in the summer) is likely to affect SMPT growth in Q2. Short-term working had already declined at the end of 2021, and is expected to fall back a little further, but this is unlikely to make anything but a modest contribution to changes in the SMPT....