IMPACT OF CORONAVIRUS PANDEMIC SHOCK ON LABOR MARKET: INCREASES IN UNEMPLOYMENT
ALONG WITH DROP IN EMPLOYMENT AND LABOR FORCE
Seasonally adjusted labor market data shows that in the period of March 2020, non-agricultural unemployment rate turned out to be 15.1 percent, with 0.5 percentage point increases compared to February 2020. In this period, non- agricultural employment decreased by 982 thousand while non-agricultural labor force decreased by 999 thousand. According to sectorial data, employment losses occurred in all sectors. The most significant decreases in employment occurred in services (by 694 thousand). While agriculture employment decreased by 21 thousand, manufacturing employment decreased by 85 thousand and construction employment decreased by 202 thousand. Based on the seasonally adjusted data, while female non-agricultural employment decreased by 245 thousand, non-agricultural labor force decreased by 361 thousand. As the decrease in female labor force was higher than that in employment, female non-agricultural unemployment rate decreased by 0.6 percentage points to 17.9 percent. Male labor force and employment decreased by 657 thousand and 722 thousand respectively. Since the decline in male employment was higher than the labor force, male non-agricultural unemployment rate increased by 0.8 percentage points to 13.7 percent.