Polish gross wage growth likely to have slowed down in February

Societe Generale notes the following in a report on Monday...

• We anticipate a decline in average gross wages to 3.2% yoy in February from 3.6% in January, while, in monthly terms, wages should increase by 0.9%. 
  
  
• Growth in real wages is still supported by deflation; wages are likely to increase by around 4.6% yoy in real terms. 
  
  
• On the assumption that we had observed employment growth of 1.1% yoy in February, real wage bill growth should amount to 5.8% yoy suggesting labour market improvements and this should provide strong support to individual consumption.