Unemployment at its lowest level since 2014

According to SHAFAQNA TURKEY-TUIK, the unemployment rate fell by 0.5 percentage points to 9.5 percent in May. Thus, while unemployment was at its lowest level since 2014, broad unemployment was 22.5 percent.

Based on the results of the household labor force survey; The number of unemployed people aged 15 and over in May 2023 decreased by 193 thousand people compared to the previous month and amounted to 3 million 328 thousand people. The unemployment rate, on the other hand, fell 0.5 percentage points to 9.5 percent.

While the unemployment rate was 7.7 percent for men, it was estimated at 13.0 percent for women.

Seasonally Adjusted Employment Rate Increased

The number of employed in May 2023 increased by 63 thousand people compared to the previous month and amounted to 31 million 716 thousand people, while the employment rate remained unchanged at 48.5 percent. While the rate was 66 percent for men, it was 31.4 percent for women.

In May 2023, compared to the previous month, the labor force decreased by 130 thousand people to 35 million 44 thousand people, and the labor force participation rate decreased by 0.3 points to 53.6 percent. While the labor force participation rate was 71.5 percent for men, it was 36.1 percent for women.

Youth unemployment is 17 percent.

The unemployment rate among young people aged 15 to 24 was 17 percent, down 1.6 percentage points from the previous month. Unemployment rate in this age group; It is estimated to be 14.3% for men and 22.3% for women.

The seasonally adjusted inactive workforce rate was 22.5 percent.

The unemployed labor force, which consists of underemployment, potential labor and the unemployed, stood at 22.5 percent in May 2023, down 1.2 percentage points from the previous month. While the combined rate of time-related underemployment and unemployed was 15.8 percent, the combined rate of unemployment and potential labor force was estimated at 16.7 percent.

Bloomberg