August unemployment hits 10.1 percent, further 114K jobless

The number of unemployed in Turkey has increased by 114,000 from the same time last year, according to government data released on Monday, reiterating the countryand’s structural weakness in the job market.
The unemployed population rose to 3.058 million in August, according data released on Monday by the Turkish Statistics Institute (TurkStat).
The August unemployment rate rose to 10.1 percent, up from 9.8 percent in July, and was unchanged from the same period of last year, TurkStat said. The last time the unemployment rate hit double-digits was in March of this year, when it reached 10.6 percent.
Unemployment has been hovering around 9 and 10 percent for the past year, hitting a five-year high of 11.3 percent in January before tapering off. The nonfarm unemployment rate reached 12.4 percent, up from 12.0 percent in July and 12.3 percent in August 2014.
TurkStat reported a labor participation rate of 51.3 percent, with 27.15 million employed as of August. A steady increase in Turkeyand’s unemployment rate remains one of the key structural problems that the country needs to address. With the economic growth rate in Turkey slowing in recent years, an increase in unemployment is only providing chronic headaches to the Turkish economy.
Turkeyand’s youth jobless — the unemployment rate among those under the age of 25 — also inched up to 18.3 percent, though a 0.6 percent decline from August 2015. While 51 percent of the Turkish workforce was employed in the service sector in July, an additional 22 percent worked agricultural labor jobs, 19.5 were employed in industry and 7.4 percent in the construction sector.
According to estimates from the latest World Economic Outlook (WEO) report by the International Monetary Fund (IMF), released in October, Turkeyand’s unemployment should rise to 10.8 percent this year, an increase of 0.9 percent from 2014, and will reach 11.6 percent in 2016. The Organization for Economic Cooperation and Development (OECD) estimates Turkeyand’s end-2015 jobless figure at 10.5 percent.
Although unregistered employment decreased by 1.3 percent year-on-year, it stood stubbornly high at 35.1 percent in August, meaning that more than one-in-three people employed in Turkey are working on an informal basis without insurance or access to social security and other benefits.
The number of Turks who were looking for jobs hit more than 5.35 million in the month of August of this year, a swift increase from the same month of last year, earlier data from the Turkish Employment Organization (iiKUR) revealed.
Meanwhile, Turkeyand’s budget deficit sits at TL 6.2 billion for the first 10 months of 2015, the Finance Ministry said on Monday. Turkeyand’s central government budget showed a surplus of TL 7.2 billion ($2.5 billion) in October, while the budget showed a primary surplus of TL 9.9 billion in the same month, the ministry said.

SOURCE: TODAY’S ZAMAN

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