Turkey's unemployment rate dropped to 8.5% in August, a 0.3-point decrease from the previous month, according to data released by the Turkish Statistical Institute (TurkStat).
The total number of unemployed individuals decreased by 89,000 to 3.05 million people in a month. The unemployment rate for men was estimated at 7%, compared to 11.4% for women.
Unemployment among young people aged 15-24 saw a slight increase, rising by 0.1 points to 16.5%. For this age group, the rate for young men was 13.8%, while the figure for young women reached 21.4%.
There was also a rise in labor underutilization rate. This broader measure includes time-related underemployment, potential labor force, and the unemployed. It increased by 0.7 points in August, reaching 27.2%. The combined rate of time-related underemployment and unemployment stood at 18.2%, while the integrated figure for unemployment and potential labor force reached 18.7%.
Labor force participation saw a slight decline of 10,000 people in August, dropping to 35.83 million people. The labor force participation rate also fell by 0.1 points to 54.3%. Men continued to participate in the workforce at a higher rate (72.1%) than women (36.8%).
Minister: Positive outlook despite challenges
Finance and Treasury Minister Mehmet Şimşek commented on the latest figures, saying that the labor market remains resilient despite economic challenges. “More than 650,000 jobs have been created in the first eight months of this year, and since 2005, we have added 13.5 million jobs,” he wrote on social media.
Şimşek also noted that while the ongoing disinflation process is affecting economic activity in the short term, the government's policies aim to minimize these impacts. He pointed to a 1.6% contraction in industrial production in August, reflecting some of the economic pressures.
“Our program’s ultimate goal is sustainable and lasting prosperity, and we are implementing all of our policies in coordination to ensure that temporary effects remain minimal,” Şimşek added. (VK)
