Labor Market Index in July up for the 4th consecutive month

The Labor Market Index (LMI), which provides advance information on future changes in the size of unemployment, rose by 0.8 points to 67.5 in July in Poland, the Bureau of Investment and Economic Cycles (BIEC) reported.

BIEC reports that this is the fourth consecutive month of increases in the index, signaling symptoms of deterioration in the labor market.

"The scale of the increase was smaller than a month ago, nevertheless it is the fourth consecutive increase of a fairly significant magnitude. Recent trends in the change of the index indicate that the confluence of economic and geopolitical factors continues to negatively affect the labor market and portends further deterioration in the coming months. The increasingly evident slowdown in the economy will not be without impact on the labor market. The rising cost of doing business, difficulties in procurement, and increased payment congestion are forcing companies to cut costs and severely restrict wage and employment expansion. In addition, the onset of another wave of SARS-COV-2 infections is adding to the uncertainty," the commentary said. 

(PAP)