Monday, March 08, 2010

Unemployment rises, sales fall short

From: WBJ
Registered unemployment rose to 12.7 percent in January, according to figures released Tuesday by the Central Statistical Office (GUS).

This means more than 2.05 million people are officially out of work in Poland, with 31,000 registering in January alone – about one fifth more than the previous month.

Company retail sales measured at current prices gained just 2.5 percent in January from a year earlier, falling short of the five percent predicted by analysts.

Taking just larger companies, employing 10 or more people, into account, the figure fell by 1.1 percent.

The last time there was a year-on-year drop in sales was in February 2009 and the drop is the biggest since January 2005.

Economists blame a mix of seasonal factors, job market problems and the effect of the severe winter.