Unemployment advanced in Turkey for the month of October, rising to 10.50% after missing expectations of 10.30%. Unemployment reached a 7-month high, climbing above September’s reading of 10.30%. Year over year, the number of jobless people reportedly increased from 3.043 million to 3.147 million over the period as the Turkish economy dealt with worsening global trade conditions. The Turkish Statistical Institute largely attributed the increase to the advance of the minimum wage which was boosted from approximately $310 to $425. This feat, while beneficial, has impacted hiring by employers and may add to rising pressures on unemployment for the remainder of 2016. The Turkish Lira gained briefly over the US dollar, with the pair dropping as low as 3.0377 before resuming the prevailing longer-term uptrend that remains intact.
Oil Dips Below $29
Daily Analysis - 18/01/2016