October 2024 Unemployment Data Announced: Rate 8.8%, Youth Unemployment Decreased
Turkish Statistical Institute (TurkStat) released October 2024 labor force statistics. According to seasonally adjusted data, unemployment rate was realized as 8.8%. While the number of unemployed increased, the decline in youth unemployment rate drew attention.
The number of unemployed increased by 61 thousand people compared to the previous month and reached 3 million 175 thousand people. Unemployment rate was realized as 6.9% for men and 12.3% for women.
Employment Rate Increased
The number of employed people increased in October. With an increase of 156 thousand people, the total number of employed people became 32 million 970 thousand. This development raised the employment rate to 49.9%.
The employment rate for men is 67.4%,
It was realized as 32.8% for women.
Increase in Labor Force Participation Rate
The number of people participating in the labor force in Turkey increased in October and reached 36 million 146 thousand. Labor force participation rate increased to 54.7%.
Male labor force participation rate was 72.4%,
It was calculated as 37.4% for women.
Decline in Youth Unemployment
Youth unemployment rate, which covers the 15-24 age group, decreased by 0.3 points compared to the previous month to 16.6%.
Unemployment rate for young men is 12.6%,
It was estimated to be 23.9% for young women.
This decline in youth unemployment was evaluated as a positive development in terms of economic dynamics.
Idle Labor Force Ratio on the Increase
The idle labor force rate was recorded as 27.6%, combining data on time-linked underemployment, potential labor force and the unemployed. This rate increased by 1.9 points compared to the previous month.
Decrease in Weekly Working Hours
In October 2024, the average weekly actual working hours of those employed decreased by 0.1 hours compared to the previous month and was announced as 42.5 hours. This decline is considered to be a reflection of changes in the labor market.
General Evaluation
The October 2024 labor force statistics released by TurkStat drew attention with the decline in the youth unemployment rate and the rise in the employment rate despite the increase in the number of unemployed. However, the increase in the idle labor force and the decline in working hours reveal that there are still some structural problems in the labor market.
