Employment Index Increased by 3.0% Year-Over-Year

Forex - The employment index increased by 3.0% year-on-year in the third quarter. According to the announcement made by the Turkish Statistical Institute (TÜİK), the employment index across the industrial, construction, and trade-service sectors increased by 3.0% in the III. quarter of 2024 compared to the same quarter of the previous year. When examining the sub-sectors, the index decreased by 0.5% in the industrial sector, while it increased by 7.4% in the construction sector and by 4.1% in the trade-service sectors. The worked hours index decreased by 1.1% year-on-year. Across the industrial, construction, and trade-service sectors, the worked hours index decreased by 1.1% in the III. quarter of 2024 compared to the same quarter of the previous year. When analyzing the sub-sectors, the index decreased by 4.1% in the industrial sector, increased by 2.8% in the construction sector, and decreased by 0.2% in the trade-service sectors. The gross wage-salary index increased by 74.7% year-on-year. The gross wage-salary index across the industrial, construction, and trade-service sectors increased by 74.7% in the III. quarter of 2024 compared to the same quarter of the previous year. When examining the sub-sectors, the index increased by 73.9% in the industrial sector, by 73.9% in the construction sector, and by 75.2% in the trade-service sectors. Labor input index annual change rates (%), III. Quarter 2024 The employment index increased by 0.8% quarter-on-quarter. Across the industrial, construction, and trade-service sectors, the employment index increased by 0.8% in the III. quarter of 2024 compared to the previous quarter. When analyzing the sub-sectors, the index increased by 0.2% in the industrial sector, by 1.3% in the construction sector, and by 1.0% in the trade-service sectors. The worked hours index increased by 0.4% quarter-on-quarter. The worked hours index across the industrial, construction, and trade-service sectors increased by 0.4% in the III. quarter of 2024 compared to the previous quarter. When examining the sub-sectors, the index increased by 0.2% in the industrial sector and by 2.6% in the construction sector, while it stayed the same in the trade-service sectors. The gross wage-salary index increased by 8.8% quarter-on-quarter. The gross wage-salary index across the industrial, construction, and trade-service sectors increased by 8.8% in the III. quarter of 2024 compared to the previous quarter. When analyzing the sub-sectors, the index increased by 8.1% in the industrial sector, by 9.3% in the construction sector, and by 9.2% in the trade-service sectors. Labor input index quarterly change rates (%), III. Quarter 2024 The hourly labor cost index increased by 76.9% year-on-year. The hourly labor cost index across the industrial, construction, and trade-service sectors increased by 76.9% in the III. quarter of 2024 compared to the same quarter of the previous year. When examining the sub-sectors, the index increased by 82.0% in the industrial sector, by 69.9% in the construction sector, and by 75.5% in the trade-service sectors. The hourly earnings index increased by 76.6% year-on-year. The hourly earnings index across the industrial, construction, and trade-service sectors increased by 76.6% in the III. quarter of 2024 compared to the same quarter of the previous year. When analyzing the sub-sectors, the index increased by 81.4% in the industrial sector, by 69.1% in the construction sector, and by 75.5% in the trade-service sectors. The hourly non-wage labor cost index increased by 78.2% year-on-year. The hourly non-wage labor cost index across the industrial, construction, and trade-service sectors increased by 78.2% in the III. quarter of 2024 compared to the same quarter of the previous year. When examining the sub-sectors, the index increased by 85.0% in the industrial sector, by 73.5% in the construction sector, and by 75.4% in the trade-service sectors. Labor cost index annual change rates (%), III. Quarter 2024 The hourly labor cost index increased by 9.0% quarter-on-quarter. Across the industrial, construction, and trade-service sectors, the hourly labor cost index increased by 9.0% in the III. quarter of 2024 compared to the previous quarter. When analyzing the sub-sectors, the index increased by 8.9% in the industrial sector, by 6.9% in the construction sector, and by 9.5% in the trade-service sectors. The hourly earnings index increased by 8.4% quarter-on-quarter. The hourly earnings index across the industrial, construction, and trade-service sectors increased by 8.4% in the III. quarter of 2024 compared to the previous quarter. When examining the sub-sectors, the index increased by 7.8% in the industrial sector, by 6.5% in the construction sector, and by 9.2% in the trade-service sectors. The hourly non-wage labor cost index increased by 12.0% quarter-on-quarter. The hourly non-wage labor cost index across the industrial, construction, and trade-service sectors increased by 12.0% in the III. quarter of 2024 compared to the previous quarter. When analyzing the sub-sectors, the index increased by 14.5% in the industrial sector, by 8.8% in the construction sector, and by 10.9% in the trade-service sectors. Labor cost index quarterly change rates (%), III. Quarter 2024 Labor input and cost indices and change rates, III. Quarter: July-September 2024 [2021=100]