Unemployment Rate Declines to 8.7% in the Third Quarter

According to the results of the Household Labor Force Survey, the number of unemployed individuals aged 15 and older decreased by 20,000 to reach 3 million 106 thousand in the third quarter of 2024 compared to the previous quarter. The unemployment rate occurred at 8.7%, with a decrease of 0.1 percentage points. The unemployment rate was estimated at 6.9% for men and 12.1% for women.

According to a statement by the Turkish Statistical Institute (TÜİK), the number of employed individuals increased by 136,000 compared to the previous quarter, reaching 32 million 734 thousand in the third quarter of 2024, while the employment rate rose by 0.1 percentage points to 49.6%. This rate was 67.2% for men and 32.4% for women.

The labor force increased by 116,000 to reach 35 million 840 thousand in the third quarter of 2024 compared to the previous quarter, with the participation rate rising by 0.1 percentage points to 54.3%. The participation rate was 72.1% for men and 36.9% for women.

The unemployment rate among the youth aged 15-24 increased by 0.5 percentage points to 16.8% compared to the previous quarter. The unemployment rate in this age group was estimated at 13.3% for men and 23.5% for women.

In the seasonally adjusted employment figures for the third quarter of 2024, the number of employed individuals increased by 46,000 in the industrial sector, by 12,000 in the construction sector, and by 110,000 in the service sector, while it decreased by 32,000 in the agricultural sector. Among the employed individuals, 14.6% were in agriculture, 20.6% in industry, 6.7% in construction, and 58.2% in services.

The average actual working hours per week for those employed during the reference period, adjusted for seasonal and calendar effects, decreased by 1.3 hours to 42.6 hours in the third quarter of 2024 compared to the previous quarter.

The rate of underemployment, which includes time-related underemployment, potential labor force, and unemployed individuals, decreased by 0.8 percentage points to 26.5% in the third quarter of 2024 compared to the previous quarter. The integrated rate of time-related underemployment and the unemployed was estimated at 17.8%, while the integrated rate of potential labor force and the unemployed was estimated at 18.4%.