Türkiye's unemployment rate at lowest level since 2014

Türkiye's unemployment rate decreased to 9.5 percent in May, the lowest level since March 2014, with a 0.5 percentage decrease from April, according to official data.

The nation's unemployment rate fell by 193,000 people to 3.3 million in May on a monthly basis, official figures from the Turkish Statistical Institute (TÜİK) showed yesterday.

The unemployment rate for men was 7.7 percent, while 13 percent for women in May.

"The number of employed persons increased by 63,000 to 31,716,000 persons in May 2023 compared to the previous month," TÜİK said in a written statement.

"The employment rate occurred as 48.5 percent without any change. In addition, this rate was 66.0 percent for men and 31.4 percent for women," it added.

The youth unemployment rate, for the 15-24 age group, was 17 percent, down 1.6 percentage points month-on-month in May.

"Seasonally and calendar adjusted average weekly actual working hours of persons at work during the reference period estimated 44.1 hours with 0.3 hours decrease compared to the previous month in May 2023," TÜİK said.

In May 2023, the rate of composite measure of labor underutilization consisting of time-related underemployment, potential labor force and unemployment was 22.5 percent, with a 1.2 percentage point decrease compared to the previous month.

"While the combined rate of time-related underemployment and unemployment was realized as 15.8 percent, the combined rate of unemployment and potential labor force was estimated as 16.7 percent," TÜİK added.