Broad unemployment rose in December

According to the data released by the Turkish Statistical Institute (TurkStat) today, narrowly defined unemployment has decreased, while broadly defined unemployment has increased.

The number of unemployed individuals aged 15 and over decreased by 12 thousand compared to the previous month, reaching 3 million 98 thousand in December 2023. The unemployment rate decreased by 0.1 points to 8.8%. The unemployment rate is estimated at 7.1% for males and 12% for females.

The rate of underemployment, potential workforce, and idle workforce composed of the employed, potential workforce, and unemployed (broadly defined unemployment) increased by 2.1 points compared to the previous month, reaching 24.7% in December.

The number of employed individuals increased by 399 thousand compared to the previous month, reaching 32 million 56 thousand in December. The employment rate increased by 0.6 points to 48.8%. This rate was 66.1% for males and 31.9% for females.

The labor force increased by 387 thousand to 35 million 154 thousand, and the labor force participation rate increased by 0.5 points to 53.5%. The labor force participation rate was 71.1% for males and 36.3% for females.

The unemployment rate in the youth population, covering the 15-24 age group, decreased by 0.8 points compared to the previous month, reaching 15.5%. In this age group, the unemployment rate is estimated at 11.5% for males and 22.8% for females.

The seasonally and calendar-adjusted average actual weekly working hours were 43.7 hours. (HA/VK)