Economy Turkish unemployment rate falls on economic woes By Reuters October 11, 2022 Creative Commons The labour under-utilisation measure, which stood at 22.4% in July, has been falling since peaking at 29.6 percent in January 2021. Turkey’s unemployment rate dropped 0.4 percentage points month-on-month to 9.6 percent in August, while a seasonally adjusted measure of labour under-utilisation fell to 19.8 percent, data showed on Monday. The labour under-utilisation measure, which stood at 22.4 percent in July, has been on a falling trend since peaking at 29.6 percent in January 2021 due to the economic fallout from pandemic measures. The unemployment rate for July was revised to 10.0 percent from an initial 10.1 percent, data from the Turkish Statistical Institute also showed. The labour force participation rate in August rose 0.4 percentage points from a month earlier to 53.0 percent. Turkish annual inflation climbed to a new 24-year high of 83.45 percent in September, data showed, still lower than forecast, after the central bank surprised markets by cutting rates twice in the last two months. Despite soaring prices, the central bank was expected to cut its policy rate again this month, after President Tayyip Erdogan called for single-digit interest rates by the end of the year.
