The Labour Market Indicator (LMI), which provides early insights into potential changes in unemployment, declined by 0.4 points in May, returning to its April level. The slight drop does not indicate any major shift in the registered unemployment rate, which has remained stable in recent months. Monthly changes in the LMI have been minimal, with the various components largely offsetting each other. Similarly, fluctuations in the registered unemployment rate have been minor. As of May, the registered unemployment rate stood at 5.2%, while the Labour Force Survey (BAEL) unemployment rate was 3.4% in the first quarter. These figures suggest a relatively balanced labour market, where the available labour supply meets existing demand. However, despite this apparent stability, underlying trends point to weakening labour demand in recent years, influenced by slower economic growth, limited investment activity, and rising employment costs. On the supply side, structural challenges such as an ageing population, early retirement, long parental leave, and low birth rates are contributing to a decline in the workforce. These constraints are likely to become more noticeable when the economy enters a period of stronger growth, potentially leading to mismatches between labour supply and demand. In May, the main factor contributing to potential upward pressure on unemployment was a significant drop in the number of job offers reported to regional employment offices—over 10,000 fewer than in April. This decrease was partly seasonal, linked to reduced recruitment during the extended May holiday period. A similar decline was recorded by the Job Offer Barometer, which tracks online job postings. Data from the Central Statistical Office (GUS) also suggests mixed employment intentions among companies. In manufacturing, the share of firms planning to reduce staff exceeded those expecting to hire, by nearly 7 percentage points—a pattern consistent with April. The textile and clothing sectors anticipate the largest job cuts, while employment growth is expected in oil processing, computer and optical equipment manufacturing, and the automotive industry. Meanwhile, April saw a modest increase in the number of unemployed individuals who found jobs—around 4,000 more than in March. This was mainly driven by seasonal hiring in construction, hospitality, catering, and agriculture. At the same time, the number of newly registered unemployed fell by approximately 10,000. Overall, both the inflow and outflow of unemployed persons remain within typical monthly ranges observed in recent years, suggesting continued stability in the labour market without significant shifts in the unemployment rate.