Labor Market Outlook: January 2017

Seyfettin Gürsel, Melike Kökkızıl  and Selin Köksal 

 Executive Summary

Seasonally adjusted labor market data show that nonagricultural unemployment rate increased by 0.4 points and reached 13.9 percent in the period of October 2016. The unemployment rate has been following an increase trend since May; however, it showed a limited decline in the previous period. In the period of October 2016, the number of people employed in agriculture, and construction declined by 69 thousand and 42 thousand whereas the number of people employed in industry and service sectors increased by 22 and 66 thousand, respectively. Parallel to these developments, nonagricultural labor force increased by 172 thousand and reached 25 million 592 thousand while the number of people employed in non-agricultural sectors grew by 46 thousand and increased to 22 million 35 thousand. As a result, the number of non-agricultural unemployed increased by 126 thousand and reached 3 million 557 thousand. Betam’s forecasting model predicts that the non-agricultural unemployment will remain constant at 13,9 percent level in the period of November.

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