Average monthly pay up 3.5% y/y

Average monthly salary in the corporate sector amounted to PLN 3,943.01 in June and was 3.5 percent higher than in June of 2013, as well as 1.7 percent up from the reading in May, statistics office GUS said. “Wage growth decelerated in June to 3.5%YoY from 4.8%YoY in May, much more than expected,” said BZWBK analysts in an e-mailed statement. They added that the lower-than-expected increase might be due to delays in semi-annual or quarterly bonuses paid out in June/July. “If this was the case in June, then a rebound should be recorded in July.” The employment in the corporate sector stood in June at 5.526 million people, 0.2 percent higher than a month earlier and 0.7 percent more than in the corresponding month of last year. “It is worth reminding that demand for labor started to recover roughly one year ago, so the annual pace of growth is negatively influenced by the base effect,” BZWBK analysts added.