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Muhammet Mercan, Chief Economist at ING, notes that the seasonally-adjusted (SA) unemployment rate of Turkey that remained relatively flat in the early months of 2018 has shown growing strain, with an increase to 10.9% in June- the highest in a year.

Key Quotes

“The deterioration in the unemployment rate from 10.6% a month ago shows that the labour market is failing to keep up with the growing labour force. Meanwhile, the participation rate has jumped to an all-time high of 53.2%, even as employment has increased.”

“The unadjusted unemployment rate, on the other hand, was 10.2%, unchanged from the same month of the previous year, showing that annual employment generation has been losing pace, which supports the view of worsening conditions in the labour market.”

“We expect the deterioration in labour market conditions to remain in place given that growth is losing significant momentum, likely turning negative on a sequential basis in 3Q.”

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