August labor force statistics announced across Turkey
The Turkish Statistical Institute has shared the labor force statistics and Services Producer Price Index data for August with the public.
According to the August data released by the Turkish Statistical Institute, the unemployment rate fell to 7.8 percent, while the Services Producer Price Index increased by 2.87 percent compared to the previous month.
Changes in Unemployment Rate and Number
Across Turkey, the number of unemployed persons aged 15 and over decreased by 106,000 in August compared to the previous month, falling to 2,740,000 people. According to the calculations, the unemployment rate stood at 7.8 percent.
According to the released data, the unemployment rate recorded a 0.8 percentage point decrease compared to the same month of the previous year. In the gender breakdown, the unemployment rate for men was calculated at 6.6 percent, while for women this rate exhibited a level of 10.1 percent.
Employment and Labor Force Participation Rates
The seasonally adjusted number of employed persons increased by 136,000 in August, reaching 32,507,000 people. During this period, the total employment rate was recorded at 48.4 percent.
In the same period, the seasonally adjusted labor force increased by 29,000 to 35,247,000 people. The total labor force participation rate stood at 52.5 percent.
Youth Unemployment and Idle Labor Force
The unemployment rate in the 15-24 age group, which covers the youth population, was calculated at 13 percent in August. This rate among the youth segment holds importance for market tracking.
The idle labor force rate, which is one of the broad labor force indicators, was recorded at 31 percent in August. This rate revealed the detailed outlook in the labor market.
Services Producer Price Index Changes
According to the Services Producer Price Index data for August, the S-PPI showed an increase of 2.87 percent compared to the previous month. The index rose by 32.66 percent compared to December of last year.
Evaluated on an annual basis, the S-PPI recorded an increase of 33.29 percent compared to the same month of the previous year. The increase based on twelve-month averages was 34.46 percent.
Annual Price Increases in Service Sectors
Different rates were observed on an annual basis in the sub-items of the Services Producer Price Index. The annual price increase in transportation and storage services was calculated as 40.07 percent.
In the accommodation and food services sector, the annual price increase compared to the same month of the previous year stood at 27.53 percent.