Türkiye's unemployment at 8.4 pct in May

The unemployment rate in Türkiye was 8.4 percent in May, down by 0.1 percentage point from April, the Turkish Statistical Institute (TÜİK) revealed on Wednesday.

The number of unemployed persons aged 15 years old and over decreased by 27,000 to 3,000,011, according to TÜİK data.

"The number of employed persons increased by 273,000 to 32,920,000 persons in May 2024 compared to the previous month," TÜİK said in a written statement.

"The employment rate reached 50 percent with an increase of 0.4 percentage points. In addition, this rate was 67.3 percent for men, 33 percent for women," it added.

The youth unemployment rate in the 15-24 age group was 15 percent with an increase of 0.3 percentage points compared to the previous month, with the rate estimated as 12.8 percent for men and 19.3 percent for women.

"In May 2024, the rate of a composite measure of labor underutilization consisting of time-related underemployment, potential labor force and unemployment was 25.2 percent with a decrease of 2 percentage points compared to the previous month, TÜİK said.

"While the combined rate of time-related underemployment and unemployment realized as 17.4 percent, the combined rate of unemployment and potential labor force was estimated as 17.1 percent."

Seasonally- and calendar-adjusted average weekly actual working hours for persons at work during the reference period stood at 43.9 hours with a decrease of 0.3 hours compared to the previous month in May.