Ankara: Trkiye's unemployment rate fell 0.5 percentage points month-on-month to 7.6% in June, marking the lowest level since monthly records began in 2005, official data showed on Thursday. The number of unemployed people aged 15 and over decreased by 168,000 from the previous month to 2.69 million.
According to Anadolu Agency, the unemployment rate stood at 6.5% among men, and 9.8% among women. The number of employed people rose by 227,000 month-on-month to 32.73 million in June, while the employment rate increased by 0.3 percentage points to 48.9%. The employment rate was 66.1% for men and 32% for women.
Trkiye's labor force expanded by 58,000 people to 35.42 million, with the labor force participation rate edging up by 0.1 percentage points to 52.9%. The participation rate was 70.7% among men and 35.4% among women. Youth unemployment, covering the 15-24 age group, dropped by 1.8 percentage points from the previous month to 12.8%. The youth unemployment rate was estimated at 10.4% for men and 17.3% for women.
The composite measure of labor underutilization, which includes unemployment, time-related underemployment and the potential labor force, declined by 2 percentage points to 28.8%. Vice President Cevdet Yilmaz commented on the data, stating that Trkiye's labor market maintained a stable outlook, with the unemployment rate remaining in single digits for the 38th consecutive month.
He mentioned on Turkish social media platform NSosyal that the government was continuing to support the real sector with financing facilities, including raising the Investment Commitment Advance Loans program to 750 billion Turkish liras ($18.5 billion) and introducing a new $5.3 billion loan package for manufacturing. The measures brought total favorable financing for investment and working capital to $21.1 billion. Yilmaz added that labor-intensive sectors were receiving monthly support of $75 per employee, conditional on preserving employment, while programs aimed at improving workforce skills and expanding job opportunities for young people, women, and groups with limited labor-force participation were being broadened.