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Turkey's unemployment rate hit double figures in June, moving up to 10.2% from 9.7% in May, national statistics institute TUIK announced on September 17.
“After being stagnant in early 2018, the seasonally-adjusted unemployment rate has changed direction, rising from 9.9% in February to 10.9% in June,” Muhammet Mercan of ING Bank observed in a research note entitled "Turkey: Signs of strain in the labour market”.
ING Bank expected the deterioration in labour market conditions to persist given that growth is losing significant momentum amid Turkey's economic difficulty and is likely to turn negative on a sequential basis from 3Q.
The joblessness rate was recorded at 10.8% in January but fell across the following three months to 9.6% in April. It also stood at 10.2% in June last year.
The latest figures also showed the non-agriculture unemployment rate rose from 11.6% in May to 12.1% in June while youth unemployment continued to move up sharply, climbing from 17.8% to 19.4%.
The labour force participation rate edged up from 53.3% in May to 53.8% in June.
The number of unemployed people rose from 3.14mn in May to 3.32mn in June. The number of employed persons increased by 611,000 from June 2017 to June 2018, a figure less than the 650,000 registered for the one-year period from May 2017 to May 2018.
The number of employed persons increased by 852,000 from April 2017 to April 2018.
Turkey's unemployment rate did not budge overall in 2017, remaining at the same 10.9% rate recorded for the previous year.
Capital Economics forecasts that the Turkish unemployment rate will increase to 12% in 2018.
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