The unemployment rate in Turkey in October, which was 13.1% in the same month of the previous year, decreased by 1.9 points to 11.2%. When compared to the previous month, it is observed that the adjusted unemployment rate decreased by 0.2 points. While the unemployment rate among the young population was 20.1%; non-farm unemployment stood at 12.9%.
When we look at the comparable periods, October 2020 – October 2021, it is seen that there was an increase of 2.6 points in the labor force participation rate between the relevant periods, with adjusted data. The workforce, which was 31 million 78 thousand people in the similar period of 2020, became 33 million 297 thousand people in October 2021. The labor force participation rate increased from 49.4% to 52%. Looking at the seasonally adjusted data; While the employment rate increased by 3.3 points to 46.2% compared to the same period of the previous year, seasonally adjusted employment increased by 104 thousand people compared to the previous month. The idle labor force rate increased to 22.8%.
Considering that the data is lagging as of October, we think that November, December and the period after the new year are more valid in terms of trend tracking regarding current employment trends. Under the aforementioned economic conditions, the decrease of 3 per thousand reflected in October does not seem sustainable. There is an increase of about 1% in the idle workforce. On the other hand, purchasing power is constantly decreasing due to the fact that wages are extremely low in the face of inflation. After the seasonal effect is left behind, we can see the effect of an increase in the unemployment rate with the effect of those who left their jobs in tourism and agriculture.
Kaynak Tera Yatırım
Hibya Haber Ajansı
Kaynak: Hibya Haber Ajansı