Surprise fall in jobless rate

Photo: Glowimages

Compared with the February figures from 2013 (14.4 percent), the level dropped by 0.5 percent.

Piotr Bujak, the chief economist for Nordea Bank, told Polish Radio on Tuesday that typically the number of unemployed increases in the second month of the year.

“The opposite situation is a real rarity,” he affirmed.

Analysts had predicted that the level of unemployment would rise from 14 percent in January to 14.1 percent in February, whereas in reality it fell to 13.9 percent, according to data released by the Central Statistical Office (GUS).

Meanwhile, year on year retail sales increased by 7 percent, which Bujak also described as “a big surprise.”

The economist reflected that it is a sign that Poles are feeling more confident, with worries about the international credit crunch diminishing. (nh)