In July 2020, average employment in the corporate sector was 2.3% lower y/y and amounted to 6,252 thousand. The average monthly salary (gross) was 3.8% higher y/y and amounted to PLN 5,381.65 – reported the Central Statistical Office. However, the number of people working on their own was still growing – the InfoCredit Index remains strongly positive. A similar trend can be seen in August (until 17.08).

The Central Statistical Office data describing the situation on the labor market were better than forecasted. On the other hand – employment is still falling, and salaries have increased slightly faster than inflation (3.0% in July). It is no wonder that since it is harder to get a job, Poles are starting their own business.

In July, 25,640 business activities were registered, 10,088 were closed. 15,182 activities were resumed, and 11,370 were suspended – according to CEIDG data. The InfoCredit microenterprise index, describing the ratio of new businesses to those closed, reached 15,552 points, remaining close to this year’s record and the highest values ​​from 2019 and 2018. The indicator describing the ratio of reopened businesses to those closed fell to 3,812 points, but remained clearly in the black. It has been above 0 for the third month in a row, which has not happened since the beginning of 2018. Previously, in 2019 and 2018, it only came out positive twice.

In August (until 17.08), the InfoCredit index continues to be in the black. Until 17 August, the IC Index indicates +8,131 in terms of new/closed businesses and +1,230 – resumed/suspended.

We wrote more about economic activities in July here: https://infocredit.pl/en/infocredit-microenterprise-index-06-08-2020/