According to the Central Statistical Office (GUS), the unemployment rate in Poland remained stable at 5% in September, as expected. At the same time, the number of new unemployed increased by 1.2% in monthly terms. The Central Statistical Office also published data on the shaping of economic sentiments in individual sectors. In September, in business in all regions, they remained at the current level compared to August or decreased (the overall indicator remained at the unchanged level of 91.7 pts in relation to August). Apart from retail, sentiments in all sectors are clearly below the long-term average. At the same time, entrepreneurs from the processing and construction sector are the most pessimistic. Consumer inflation in September preliminarily amounted to -0.4% m/m and +8.2% y/y.
The indicators from Germany do not inspire optimism. According to the Ifo survey, the sentiment in German companies is deteriorating for the fifth month in a row (though the index slightly exceeded market expectations). According to the GfK agency, German consumer confidence is at its lowest since April this year. According to the survey, an improvement in consumer sentiment this year is unlikely due to high inflation, although according to preliminary data, it fell in Germany in September to 4.5% y/y (the lowest level since the outbreak of the war in Ukraine).
The Euro weakened against the dollar and rose from 1.065 USD/EUR to 1.055 USD/EUR. For a short time during the week, the exchange rate was below 1.05 USD/EUR. The zloty weakened against the Euro from 4.59 PLN/EUR to 4.64 PLN/EUR (Friday morning). The zloty also did not fare well against the Dollar, hovering above the level of 4.40 PLN/USD (the zloty’s minimum since March this year).
AKCENTA CZ a.s.
