Labor Market Outlook: September 2016
STRONG INCREASES IN UNEMPLOYMENT CONTINUE
Seyfettin Gürsel, Gökçe Uysal and Selin Köksal
Seasonally adjusted labor market data show that nonagricultural unemployment rate increased by 0.6 percentage points and reached 12.9 percent in the period of June 2016. During this period, the number of people employed in agriculture, manufacturing and construction sectors decreased respectively by 129 thousand, 56 thousand and 66 thousand. In the service sector, the increase in employment remained limited to 28 thousand. Thus, the number of non-agricultural unemployed grew by 160 thousand in one month and reached 3 million 257 thousand. The unemployment rate which was 11.8 percent in the period of April 2016 increased by more than 1 percentage point and was at 12,9 percent in June 2016. The weak performance of GDP growth is reflected on labor market. Betam’s forecasting model predicts that the increase in non-agricultural unemployment will continue in the period of July 2016.