Unemployment is on the rise

The Turkish Statistical Institute (TÜİK) has released unemployment data. Unemployment has increased for the first time since June. Accordingly, the number of unemployed individuals aged 15 and over increased by 115 thousand people to 3 million 116 thousand people in November 2023 compared to the previous month.

The unemployment rate also increased by 0.4 points, reaching 9 percent. While the unemployment rate is estimated at 7.5 percent for men, it is 11.8 percent for women.

The underemployment rate, potential labor force, and the idle labor force rate, which includes underemployed, potential labor, and unemployed individuals (the broad definition of unemployment), reached 22.7 percent. There was an increase of 1.3 points compared to the previous month.

Women participate half as much as men in the labor force

In November 2023, the number of employed individuals decreased by 236 thousand compared to the previous month, and measured at 31 million 611 thousand people. The employment rate also decreased by 0.4 percentage points to 48.2%. This rate is 65.4% for men and 31.3% for women.

The labor force also decreased by 122 thousand people in November 2023, reaching 34 million 726 thousand people. The labor force participation rate decreased by 0.2 percentage points to 52.9%. The labor force participation rate was 70.7% for men and 35.5% for women.

Unemployment rate among youth 16.5%

The unemployment rate for the youth population, covering the age group of 15-24, increased by 0.3 percentage points compared to the previous month, reaching 16.5%. In this age group, the unemployment rate is estimated at 14.2% for males and 20.7% for females.

The seasonally and calendar-adjusted average actual weekly working hours were 43.8 hours. (HA/PE)