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Portuguese labour market synthetic indicators
This article describes three indicators which summarize the comovements between labour market series. These are obtained by principal component analysis and are constructed with 27 monthly Portuguese variables that are published on a regular basis. The three indicators point to a sharp deterioration in labour market conditions from 2011 to 2013, with an improvement from 2013 until the end of the sample period. It is also shown that all the indicators are more correlated with inflation and economic activity than the unemployment rate.