Today Turkish Statistics Office reported a monthly unemployment rate of 9.8% in August, which was higher than market consensus. The rate was at 9.3% in July. Elsewhere, non-farm unemployment rate jumped to 12.3% from 11.8%, while the labor force participation rate dropped by  0.1 pp to 51,6%. Seasonally adjusted unemployment rate remained at 10.1% and kept on visiting its historic high since October 2010.

Seasonally adjusted data signals that the employment gains a strong presence that despite...