Poland’s unemployment rate for April has been released. It stood at 6%, which is 0.1 percentage point lower than in the previous two months and in line with market expectations.
This is another reading pointing to the relative weakness of the Polish labour market. Unemployment remains at its highest level since 2021, while retail sales came in clearly below forecasts and GDP growth was weaker than expected.
All these factors are likely to have a dovish impact on the Monetary Policy Council. As long as inflation remains within the assumed tolerance range around the target — up to 3.5% — interest rates can probably be expected to remain at their current level.
