Idle labor force sounds the alarm: 4th quarter unemployment rate announced

According to the results of the Household Labor Force Survey prepared by TÜİK; the number of unemployed persons aged 15 and over decreased by 137 thousand in the 4th quarter of 2023 compared to the previous quarter, reaching 3 million 70 thousand people. 

The unemployment rate decreased by 0.4 percentage points to 8.8%.

The unemployment rate was estimated at 7.2% for men and 11.8% for women.

EMPLOYMENT RATE ANNOUNCED 

The number of employed persons increased by 195 thousand in the 4th quarter of 2023 compared to the previous quarter, reaching 31 million 867 thousand people, and the employment rate increased by 0.2 percentage points to 48.6%. This rate was 65.8% for men and 31.6% for women.

YOUTH UNEMPLOYMENT IS ABOVE 15 PERCENT

The unemployment rate for the youth population covering the 15-24 age group decreased by 1 percentage point compared to the previous quarter, reaching 15.9%.

In this age group, the unemployment rate was estimated at 12.7% for men and 21.8% for women.

ONE IN EVERY 5 PEOPLE IS NOT PARTICIPATING IN THE LABOR FORCE

The idle labor force rate, consisting of time-related underemployment, potential labor force, and the unemployed, increased by 0.4 percentage points in the 4th quarter of 2023 compared to the previous quarter, reaching 22.9%.

While the combined rate of time-related underemployment and the unemployed was 15.0%, the combined rate of potential labor force and the unemployed was estimated at 17.3%.

News Source: 12punto