May brings further drop in Turkish unemployment rate

May brings further drop in Turkish unemployment rate
By bne IntelliNews August 15, 2017

Turkey’s unemployment rate eased to 10.2% in May from 10.5% in April, data from national statistics office TUIK showed on August 15.

The jobless rate stood at 9.4% in May 2016.

According to the latest data, there were 3.22mn unemployed people in Turkey in May versus 2.9mn a year earlier. The labour force participation rate improved to 53% in the month, from April’s 52.7% and 52.5% in May last year.

The non-agricultural unemployment rate stood at 12.2% in May, up from 11.3% a year earlier, while the corresponding rate for April 2017 was 12.4%.

The seasonally-adjusted unemployment rate, however, increased to 11.3% in May from 10.5% a year earlier, but remained unchanged from April.

The rate for youth unemployment rose to 19.8% in May from 17.4% in the same month of 2016. Youth unemployment was also 19.8% in April this year.

TUIK’s latest consumer confidence survey in July showed that the sub-index measuring consumers’ expectations regarding the number of unemployed people recovered by 5.2% m/m, following a sharp deterioration of 6.1% m/m in June. The rise in the sub-index shows that consumers expect unemployment conditions to improve in the next 12 months.

The country’s unemployment rate rose to 10.9% in 2016 from 10.3% in 2015.

In its World Economic Outlook report, published in April, the IMF predicted that the Turkish unemployment rate would pick up to 11.5% in 2017.