Polish unemployment rate likely increased by 0.6pp to 12.1% in January: Societe Generale

Quotes from Societe Generale Cross Asset Research:

-We expect the Polish unemployment rate to increase by 0.6pp to 12.1% in January which is above the market consensus of 11.9%. The Labour Ministry announced that the increase in registered unemployed people in January amounted to 94,000, while in previous years it stood at around 150,000.

-On a yearly basis, the number of unemployed people was 341,000 lower than a year ago. We note that the seasonally-adjusted unemployment rate is still decreasing and remains below 11.5%. We expect it to decline further to around 10.0% at the end of 2015, while the unadjusted unemployment rate should continue on a downward trend to 10.0- 10.3% in December 2015.