Labor Market Outlook: October 2016
LARGE EMPLOYMENT LOSSES IN MANUFACTURING
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 13.2 percent in the period of July 2016. In this period, the number of people employed in agriculture, services and construction sectors increased by 76 thousand, 21 thousand and 5 thousand respectively. On the other hand, there is an employment loss by 76 thousand in the manufacturing sector. In line with these developments, the number of unemployed in non-agricultural sectors grew by 50 thousand in one month and reached 3 million 327 thousand. The unemployment rate which was 11.8 percent in the period of April 2016 increased by almost 1,5 percentage points and reached 13,2 percent in July 2016. Betam’s forecasting model predicts that the increase in non-agricultural unemployment will continue in the period of August.