Poland: Sharply moderating wage growth

Polish employment dropped 1.7% y/y in April, down from -1.4% y/y in March. This is in line with the consensus expectation. However, wage growth was 3.8% y/y in April, much weaker than the consensus expectation of 5.0% y/y and our expectation of 4.7% y/y. Details It is now very clear that the situation in the Polish labour market is deteriorating and this is especially putting downward pressure on wage growth – this is good news for Polish competitiveness, but bad news for private consumption

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