Turkish unemployment rate drops to 9.7% in Q2, says statistical agency

The seasonally adjusted unemployment rate has notably decreased to 9.7%, marking a 0.3 percentage point drop.

According to the report, the number of seasonally adjusted unemployed individuals aged 15 years and older decreased by 73 thousand, bringing the total to 3 million 400 thousand persons compared to the previous quarter. Furthermore, the seasonally adjusted employment rate experienced a modest increase, reaching 48.2%, reflecting a 0.1 percentage point rise.

In terms of gender disparity, the unemployment rate stood at 7.8% for men and 13.4% for women, highlighting an ongoing discrepancy in labor market outcomes.

The seasonally adjusted labor force participation rate remained steady at 53.4%, with an increase of 80 thousand persons in the labor force, totaling 34 million 914 thousand persons in the second quarter of 2023 compared to the previous quarter.

Youth unemployment, particularly in the 15-24 age group, showed signs of improvement, with the seasonally adjusted youth unemployment rate dropping by 1.2 percentage points to 18.3%. Among youth, the unemployment rate was estimated at 15.1% for men and 24.1% for women.

Sector-wise distribution of employment demonstrated that 57.4% of seasonally adjusted employment was concentrated in the services sector. While industry employment experienced a minor decrease of 8 thousand persons, agricultural and construction employment saw increases of 10 thousand and 28 thousand persons, respectively.

Additionally, the seasonally and calendar adjusted average weekly actual working hours were recorded at 44.3 hours, marking a decrease of 0.4 hours from the previous quarter.

A composite measure of labor underutilization, encompassing time-related underemployment, potential labor force, and unemployment, increased by 1 percentage point to 23.5% in the second quarter of 2023 compared to the previous quarter.

Within this composite measure, the combined rate of time-related underemployment and unemployment stood at 16.5%, while the combined rate of unemployment and potential labor force was recorded at 17.3%. (ILKHA)