According to the Household Labor Force Survey, the number of unemployed individuals aged 15 and over decreased by 12,000 to 3,098,000 compared to the previous month. The unemployment rate decreased by 0.1 percentage point, reaching 8.8%. For men, the rate was estimated at 7.1%, while for women, it was 12.0%.

Meanwhile, the seasonally adjusted employment rate increased to 48.8%, with the number of employed persons rising by 399,000 to 32,056,000 in December 2023 compared to the previous month. For men, the employment rate was 66.1%, while for women, it was 31.9%.

The seasonally adjusted labor force participation rate also saw an increase, reaching 53.5%. The number of individuals in the labor force rose by 387,000 to 35,154,000 in December 2023 compared to the previous month. Among men, the participation rate was 71.1%, while among women, it was 36.3%.

In terms of youth unemployment, the rate for the 15-24 age group decreased to 15.5%, down by 0.8 percentage points compared to the previous month. For men in this age group, the rate was 11.5%, while for women, it was 22.8%.

Additionally, the seasonally and calendar adjusted average weekly actual working hours for December 2023 were estimated at 43.7 hours, a slight decrease from the previous month.

Lastly, the composite measure of labor underutilization rate, which includes time-related underemployment, potential labor force, and unemployment, rose to 24.7% in December 2023, marking an increase of 2.1 percentage points compared to the previous month. The combined rate of time-related underemployment and unemployment was 16.4%, while the combined rate of unemployment and potential labor force was 17.9%. (ILKHA)