Stagnation in wages and employment – Republic

Stagnation in wages and employment – Republic

Source: Bloomberg

The average salary in companies increased in August by 3.5 percent., and employment – by 0.7 percent. – Central Statistical Office announced.

These results are slightly lower than market expectations. Analysts polled by “Rzeczpospolita”, estimated that wages increase (year on year) by 3.8 per cent., And employment – by 0.8 percent. According to the CSO, the average salary in the enterprise sector amounted in August 3892.23 zł per month Gross, an increase of 3.5 percent. higher than a year earlier. Also in June and July, the annual rise was 3.5 percent.

In August, the companies employed an average of 5 million 534.6 thousand. persons, or 0.7 per cent. higher than a year earlier. In July, employment rose by 0.8 per cent., and in June – 0.7 percent. turn wage bill (the value of all businesses spend on wages) rose in real terms by 4.6 per cent. against 4.5 percent. in July.

– Despite signs of slowing economic growth in recent months (a relatively low growth rate of industrial production and retail sales in June and July) the existing situation on the labor market should be assessed as good. If no Russian-Ukrainian conflict, which caused mutual sanctions imposed by the West on Russia and Russia to the West, and that inhibits the recovery in the euro zone and also in Poland, the improvement in the labor market probably would proceed faster. Unfortunately, prolonged conflict for our eastern border raises the risk of inhibition of the positive trends in the labor market, and even her relapse – says Monika Jacket, chief economist Postbank.

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