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Selected tag: labour market
7 hours ago
Manufacturing drives wages acceleration in Poland
Wage growth unexpectedly accelerated to 5.9% yoy in June, following May’s increase (5.8%) that had been largely driven by one-off factors. The reading came in well above the consensus forecast (5.5%). The acceleration was entirely attributable to a sharp increase in wages in manufacturing, which alone added around 0.5 percentage points to the headline figure. Meanwhile, employment growth remained stable at -0.9% yoy.
1 week ago
No pressure to change interest rates in Poland
MacroCompass July/August 2026 - our picture of Poland's economy, macroeconomic forecasts, preview of monthly data readings and the expected scenario of events on financial markets
4 weeks ago
Poland’s wage growth surprises to the downside once again
Wage growth accelerated to 5.8% yoy in May, offsetting the weak reading recorded a month earlier (5.4%). The figure came in slightly below consensus (6.0%). The pickup in growth largely reflects factors anticipated by the consensus, namely the fading of a high reference base and payoffs in the mining sector. On the other hand, the main source of disappointment was lower-than-anticipated wage growth in manufacturing and construction. Meanwhile, employment growth stabilised at -0.9% yoy.
5 weeks ago
Rising hawkish tide leaves the NBP behind
MacroCompass June 2026 - our picture of Poland's economy, macroeconomic forecasts, preview of monthly data readings and the expected scenario of events on financial markets
1 month ago
Feeble consumption growth in 1Q26
A calm week ahead, most awaited event is the ECB’s rate decision (we expect a 25bp hike).
2 months ago
Poland’s wage growth reaches a five-year low
Wage growth decelerated markedly in April to 5.4% yoy, down from 6.6% a month earlier, surprising the market consensus but not us. This was the result of a combination of several one-off factors, which pushed the reading to its lowest level in five years. Meanwhile, employment maintained its pace of decline at -0.9% yoy.