Polish job losses slow

Poland released better than expected employment numbers yesterday, as December’s 1.4% fall in the number of jobs in companies with over 9 workers was 0.7% better than forecast. Business Week points out that it’s good news on all sorts of fronts, as it improves the tax revenue outlook for the state and should thus help the government borrow money at a lower risk premium.

“The employment data came as a positive surprise,” said Aleksandra Bluj, an economist at Bank Pekao in Warsaw. “Lower- than-expected employment cuts support a stable outlook for consumer spending.”

The data indicate Poland’s labor market may be responding to an export-led manufacturing rebound that helped gross domestic product expand at a 3 percent annual rate in the fourth quarter, according to the median forecast of 9 economists surveyed by Bloomberg.

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