As shown by recent GUS figures, the average wage in companies increased by 3.3 percent compared to the analogous period of the year before, while employment increased by 2.7 percent. – Yet again, employment in companies has hit a record high. In spite of that, nominal wages grow at the slowest rate in 16 months. We still have to wait for the employees’ market – comments Łukasz Kozłowski, expert of Employers of Poland.
March is usually a good month in terms of developments in average wages, particularly due to the payment of the so-called „thirteenth wage” in some sectors. Therefore, an increase in average wage of 5.2 percent month to month – although very high – is not a surprise.
The annual average wage growth dynamics are much less impressive – in recent months it was close to 4 percent. This can be partially attributed to the statistical base effect. However, the fact is that despite an upturn on the labour market and the systematic decrease of the unemployment rate, nominal wage dynamics in Poland have maintained a relatively stable level for quite a long time. Therefore, consumer price dynamics have a key impact on the growth rate of purchasing power. In this regard, the situation is not that bad – in March, deflation deepened.
Compared to last year’s showings, the current rate of employment growth is very impressive. However, one should also keep in mind that the significant improvement since January 2016 results also from the revision of the size of the units under study. Anyway, the dynamics of this index exceeded expectations and is slowly approaching the high levels recorded five years ago.
Łukasz Kozłowski, economic expert of Employers of Poland