Unemployment data released: Critical threshold crossed in youth unemployment

The Turkish Statistical Institute (TUIK) has published labor force statistics for October. According to the released data, some significant changes in Turkey's labor market have drawn attention. In October, the unemployment rate showed a slight decrease compared to the previous month, but the unemployment rate among the youth population increased.

UNEMPLOYMENT RATE AT 8.5 PERCENT

According to the data released by TUIK, the number of unemployed persons aged 15 and over across Turkey decreased by 27 thousand in October compared to the previous month, reaching 3 million 33 thousand people. During this period, the unemployment rate decreased by 0.1 percentage points and was recorded at 8.5 percent. The unemployment rate was measured at 7 percent for men and 11.3 percent for women.

YOUTH UNEMPLOYMENT ROSE TO 15.6 PERCENT

The unemployment rate in the youth population, covering the 15-24 age group, increased by 0.6 percentage points in October to 15.6 percent. In this age group, the unemployment rate was calculated at 12.9 percent for men and 20.6 percent for women. This increase in the youth population indicates that challenges persist in Turkey's labor market, particularly for young people.

ACTUAL WORKING HOURS REACHED 42.2 HOURS

The average weekly actual working hours of those employed in October fell to 42.2 hours. Calculated using seasonally and calendar-adjusted data, this duration showed a decrease of 0.7 hours compared to the previous month. This indicates that rates of short-term employment are increasing for more people in the labor market.

IDLE LABOR RATE AT 29.6 PERCENT

The idle labor rate, which consists of time-related underemployment, potential labor force, and the unemployed, rose by 1.1 percentage points in October to 29.6 percent. This rate reveals that the level of inactive labor in Turkey's labor market is high. Furthermore, the combined rate of time-related underemployment and the unemployed was calculated at 20 percent, while the combined rate of the unemployed and the potential labor force was calculated at 19.5 percent.

News Source: 12punto