In February the registered unemployment rate was 13.9 percent and was 0.1 percentage points lower than in January - according to the Central Statistical Office. - This is excellent news indicating that the situation in the labour market is improving really fast - Łukasz Kozłowski, an expert of Employers of Poland, comments on the latest data.
The latest figures are another important signal that indicates recovery in the labour market. A decline in the unemployment rate to around 12.4 percent in the summer months seems to be realistic and perhaps even quite a cautious assumption. The increase in the employment sub-index within the PMI to record-high levels is not accidental. Employment changes in enterprises - both current and those planned - are also subject of research conducted by the Employers of Poland whose result is the Entrepreneurs’ Confidence Index, which should contribute to broadening the range of available tools for forecasting and analyzing labour market situation. The results will be published next Thursday.
Economic recovery that has lasted for about a year now has already translated into an improved situation in the labour market. It is worth to appreciate this fact, because not every economic rebound automatically causes an increase in employment. On the other hand, we should remember that reducing unemployment rate from such a high a level as it currently stands at is much easier and that good results of the past few months do not constitute any guarantee of favourable results in the future.
The latest data on retail sales was also a positive surprise - increased in February by seven percent year on year, while analysts expected an increase of about six percent.
The most recent data is a good signal for Polish economy in the coming quarters. Coupled with rising investment and strong exports it constitutes a solid basis for a further acceleration of economic growth in Poland.
Łukasz Kozłowski, expert of Employers of Poland