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Rise in unemployment only seasonal


In our view, the rise in the registered unemployment rate recorded in December had a seasonal character, caused by last month's wintry weather and the resulting suspension of outdoor business activity. We expect this trend to continue for several more months, but the spring should see a rebound in labour demand and a decline in the registered unemployment rate. We forecast that at the end of 2011 the official jobless rate will amount to 10.9%.

Paweł Sionko
Construction Market Analyst, PMR

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