GUS: In May, employment rose by 1.1 per cent. year on year (Aktl.) – Virtual Poland

# reach expert commentary #

17.06. Warsaw (PAP) – In May, the average employment in the enterprise sector increased by 1.1 percent. year-on-year in the previous month employment growth year on year was the same – the Central Statistical Office said Wednesday. Economists expect the second half to further employment growth.

According to the data of Central Statistical Office (GUS) shows that in May this year. the average employment in enterprise sector amounted to 5 million 577.2 thousand. people.

The CSO reported that the average monthly salary (gross) in the enterprise sector increased by 3.2 percent. year on year, against an increase of 3.7 percent. in April year on year.

The average gross salary in May amounted to 4002.16 zł.

The main Postbank economist Monika Kurtek estimated that employment growth in the corporate sector is stable. “Due to the continuing deflation in Poland still remained high real growth of wages. In May, it amounted to 5.3 percent. Year to year,” – she pointed out, noting, however, that this is the weakest reading this year.

“It seems that even over the next few months we will continue to monitor the labor market stabilization (), then it should be speeding up both in terms of employment and salary. The turning point must be economic growth rate approaching to 4 per cent. Year to year, “- she added jackets.

In her opinion, the CSO data on Wednesday will not affect the decisions of the Monetary Policy Council ws. The level of interest rates. “The Council until the end of its term will not change the level of interest already, and the new Council is also in my opinion will not hurry with changes in the cost of money. I expect stabilization of interest rates several months, even up to the year 2016″ – assessed.

The chief economist of Bank Gospodarstwa Krajowego Tomasz Kaczor pointed to persisting high growth in the purchasing power of wages, either through nominal wage growth and rising employment, as well as the negative inflation. “Fund of wages in real terms increased by 5.3 percent. Year on year, an increase of as much as compared to May last year increased the number of services and goods that could be purchased for remuneration paid by the company. This bodes well for consumer demand in the second quarter (also recorded its first month decent growth) and, consequently, for economic growth, “- he explained.

“The fact that companies continue to increase their workforce (it increased slightly as compared to April) bodes well for the sustainability of growth. In this context, the slightly lower-than-expected wage growth is not a particular cause for concern, especially in the context of lower -than-expected inflation (). We continue to expect that in the second half of the year, with further employment growth will accelerate their growth, “- she added jackets.