Tuesday, March 29, 2011

Another weird artefact of the Turkish recovery

I have been talking about disappearing linkages for a while, and here's another one:

The link between employment and actual production has broken down, even if it existed in the first place. Have a look at this summary table:
This involves only the industry, and you see that industry is not faring that badly. But what is more troubling is services, where the increase in employment is way too high to be justified by the rise in production. I'll have more to say about this when the 4Q10 GDP figures are released on Thursday....

No comments: