Wages grow 10.3% in September, below expectations

In September, the average salary in businesses with over 9 employees rose by 10.3% annually, reaching PLN 7,379.88. Employment remained unchanged from the previous year, as reported by the Central Statistical Office (GUS). Monthly, the average wage increased by 0.1%, while employment decreased by 0.1% to 6.496 million posts. The market consensus anticipated a 10.8% yearly wage growth and zero employment growth.

Despite a slowdown in some manufacturing sectors, demand for labor remains high in services, and the minimum wage increase is putting pressure on lower-income earners' wages.

The Post Bank anticipates a return to higher wage growth dynamics in the coming months, linking it to a slowdown in inflation. ING specialists note weakening labor demand in certain manufacturing sectors but highlight sustained demand in services.

Source: 300gospodarka.pl