Labor Market Outlook: October 2012

TURNING POINT IN UNEMPLOYMENT

Seyfettin Gürsel, Gökçe Uysal and Ayşenur Acar

Seasonally adjusted labor market data shows that non-agricultural unemployment rate increased from 11.2 percent to 11.4 percent in the period of July 2012. The slowdown in increase in non-agricultural labor force prevents a larger increase in the non-agricultural unemployment rate. Seasonally adjusted sectoral employment data points to employment losses in all sectors except agriculture. Employment in manufacturing decreased by 4 thousand, while employment in construction declined by 44 thousand from the period of June 2012 to July 2012. Service employment fell by 25 thousand. Data indicates low GDP growth is finally taking a toll on unemployment. We observe that current GDP growth, which is lower compared to the last year’s, has already begun to affect the labor market.

doc. LaborOutlook2012M10

pdf. LaborOutlook2012M10