Second-worst October for jobs in 23 years

The conclusion of the tourism season, coupled with the loss of 133,300 jobs in the tourism and food service sectors, led to the second-worst October for the domestic labor market in 23 years, according to data from the Labor Ministry's "Ergani" database.

Overall, the labor market experienced a negative trend, with layoffs exceeding hirings, as the 'Ergani' system recorded a net loss of 131,491 jobs. This marks the third consecutive year of significant October job losses. In October 2023, a record high of 131,496 jobs were lost, while October 2022 also saw substantial losses, with 115,856 jobs eliminated.

A negative balance of dismissals over hirings is typical in October, coinciding with the conclusion of the summer tourism season. Unsurprisingly, the sectors with the highest layoffs - and therefore the most negative employment balances - were accommodation, which saw...