The average gross wages and salaries in the enterprise sector (in units employing more than 9 persons) went up by 1.7% in monthly terms to PLN 3834.17 in October and were up by 3.1% on the year (compared to market expectations of a rise of 2.0-3.0%), according to the data of the national stats office GUS. In the entire 2012, they increased by 3.4% vs. 5.0% growth in 2011 (in 2012, the average annual inflation was 3.7%).
In October, the average paid employment inched up by 0.1% m/m and was down by 0.2% in annual terms, to 5,500.1 thousand (market consensus was -0.2%). The pace of employment's rise in the whole 2012 reached 0.1% vs. 3.2% a year earlier.
Employment in the sector increased for the sixth month in a row, albeit at a slower pace than in September (3.6% y/y), which is attributed to calendar effects (in October of 2013, the number of working days was the same as a year earlier, while September of 2013 featured one day more than September of 2012). All in all, they expect any firmer wage pressures to appear only next year, when wages growth may permanently exceed 4.0% y/y. Currently, the slow economic upturn is accompanied by still low inflation.
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