Unemployment drops to 12.4% in 4Q2016

Unemployment dropped to 12.4% from 12.6% of the workforce in 4Q2016 from the previous quarter, a recent Central Agency for Public Mobilization and Statistics (CAPMAS) report showed. The drop is attributed to a new wave of graduates joining the labor force, the report says. CAPMAS estimates the total labor force at 29.08 mn people, up 0.9% from the previous quarter and 2.6% y-o-y.