Unemployment fell in December

According to TurkStat data, unemployment decreased to 8.8 percent in December 2023. The unemployment rate among the young population also decreased to 15.5 percent. TurkStat announced the labor force statistics for December 2023. Accordingly, the number of unemployed people aged 15 and over decreased by 12 thousand people in December 2023 compared to the previous month, reaching 3 million 98 thousand people. The unemployment rate decreased by 0.1 points to 8.8 percent. While the unemployment rate was 7.1 percent for men, it was estimated to be 12.0 percent for women. The seasonally adjusted employment rate was 48.8 percent The number of employed people increased by 399 thousand people in December 2023 compared to the previous month, reaching 32 million 56 thousand people, while the employment rate increased by 0.6 points to 48.8 percent. While this rate was 66.1 percent for men, it was 31.9 percent for women. The seasonally adjusted labor force participation rate increased The labor force increased by 387 thousand people in December 2023 compared to the previous month, reaching 35 million 154 thousand people, while the labor force participation rate increased by 0.5 points to 53.5 percent. While the labor force participation rate was 71.1 percent for males, it was 36.3 percent for females. The unemployment rate decreased in the young population The unemployment rate in the young population covering the 15-24 age group decreased by 0.8 points compared to the previous month, becoming 15.5 percent. The unemployment rate in this age group was estimated as 11.5 percent for males and 22.8 percent for females. The seasonally and calendar adjusted average weekly actual working time was 43.7 hours The seasonally and calendar adjusted average weekly actual working time of those employed who were on the job in the reference period decreased by 0.1 hour in December 2023 compared to the previous month, reaching 43.7 hours. Seasonally adjusted idle labor force rate increased The idle labor force rate, which consists of time-related underemployment, potential labor force and unemployed, increased by 2.1 points compared to the previous month in December 2023 and became 24.7 percent. While the integrated rate of time-related underemployment and unemployed was 16.4 percent, the integrated rate of unemployed and potential labor force was estimated to be 17.9 percent.