Salaries are speeding up

18-09-2007, 11:24

Warsaw (Puls Biznesu) - A big surprise in salaries and employment in August.

This time the Central Statistical Office (CSO) surprised us with strong data from the labour market that bring joy to customers but worry employers and the Monetary Policy Council (MPC)
The new week brought another record-breaking data from the labour market. The salaries in enterprises has grown in the last 12 months by 10.5 per cent and employment by 4.8 per cent. A similar inrease of salaries took place last time 10 years ago. Also the actual growth of the so called salary fund was the biggest ever - 14.1 per cent in August.
Economists had expected good results from CSO but the data went far beyond their expectations.
According to Marcin Mróz, the chief economist from Fortis Bank, the dynamics of salaries is clearly to exceed the dynamics of effectiveness.
As a result the the individual labour costs will increase, which means no good for the inflation. In the opinion of Michal Chyczewski, an economist from the BPH Bank, this year the inflation pressure will raise PPI more than 3 per cent.
In economists' view MPC is facing a dilemma but they disagree on when the council will actually decide on a rise.
The latest data are good for consumers (they can earn more and more people have jobs).
"Low inflation causes that consumers have more money to spend. For employers, however, it's a bad sign, as the costs of obtaining and keeping employees are going up. The situation is not likely to change in the nearest future," thinks Jacek Wisniewski from Reiffeisen Bank.

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Podpis: KS


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