Turkish Statistical Institute (TurkStat) shared the unemployment rate data for 2024 with the public. While the unemployment rate remained stable in the second quarter of 2024, changes in the labor market drew attention. Especially the increase in youth unemployment rate reveals the different dynamics of the labor market. So, how was the unemployment rate shaped in 2024? Let’s take a look at labor force statistics in the light of the data announced by TurkStat.

In 2024, unemployment rate in Turkey remained stable

Unemployment rate in Turkey remained unchanged at 8.8 percent in the second quarter of 2024 compared to the previous quarter. In this period, the number of unemployed citizens was recorded as 3 million 156 thousand people. According to seasonally adjusted data, this stable situation in the labor market was followed by a 0.9 percentage point decrease compared to the same period of the previous year.

In the same period, youth unemployment rate, which covers the 15-24 age group, showed a remarkable increase. The youth unemployment rate increased by 0.4 percentage points to 16.3 percent. This rate reached 13.7 percent for men and 21.5 percent for women. This increase in youth unemployment reveals the difficulties of new graduates in finding a job in the labor market and the economic difficulties faced by young people.

Increase in employment

In the second quarter of 2024, the seasonally adjusted number of employed persons increased by 205 thousand persons compared to the previous quarter and reached 32 million 661 thousand persons. The employment rate rose to 49.6 percent. The increase was realized especially in agriculture, construction and services sectors. There was an increase of 56 thousand in agriculture, 43 thousand in construction and 157 thousand in services. However, there was a decrease of 50 thousand in the industrial sector.

Among the employed, there was an increase of 67 percent for men and 32.5 percent for women. The labor force participation rate increased by 0.3 percentage points to 54.4 percent. This rate was announced as 72.3 percent for men and 36.8 percent for women. This mobility in the labor market shows that employment has recovered especially in the service sector.

Idle labor force ratio increased

In the second quarter of 2024, the idle labor force ratio, which is composed of time-based underemployment, potential labor force and unemployed, increased by 2.2 percentage points quarter-on-quarter to 27.3 percent. This rate reveals that idle capacity is still a significant problem in the labor market. When we look at the underemployment and unemployment rates, we can see that productivity in the labor market needs to be increased.

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