Unemployment in January Standardly Up, But Employment Activity Data for Poles is Good
Poland's unemployment rate rose to 6% in January, consistent with seasonal trends, while data on occupational activity indicates positive employment dynamics.
In January, Poland's registered unemployment rate reached 6%, which aligns with economists' predictions reported by "Rzeczpospolita" and "Parkiet". The data from GUS shows that there were 934,500 registered unemployed individuals, an increase of 96,500 compared to the previous year. This hike in the unemployment rate by 0.3 percentage points since the end of 2022 is attributed to typical seasonal factors, as it is common to see such increases during this period. Compared to December's figures, there was a rise of approximately 46,200 unemployed individuals, which falls in line with trends observed in previous years, where increases typically ranged between 45,000 to 55,000 people. Restricted only to 2022, there was a notably smaller increase due to the post-COVID recovery period. The article further explains the distinction between registered unemployment and the unemployment rate determined by BAEL (the Polish Labor Force Survey). Registered unemployment tends to be higher as it includes those actively seeking jobs, while BAEL offers a broader overview of the unemployment landscape by also accounting for job seekers who may not be registered. These nuances in defining unemployment rates are crucial for understanding the labor market's health and the effective dynamics of employment within Poland. Moreover, the report discusses how market changes are influencing the occupational activity rate. Despite the uptick in unemployment figures, other indicators suggest that the job market remains resilient, with firms still looking to hire amidst various challenges. The positive outlook on occupational activity in Poland indicates that while unemployment rates are up, there is ongoing demand for labor, which could bode well for future employment trends as companies adapt to fluctuating economic conditions.