Turkey: November unemployment rate remains unchanged at 10.2%

Unemployment rate in November, which was 11.2% in the same month of the previous year, decreased by 1 point to 10.2%. When compared to the previous month, it is seen that the adjusted unemployment rate did not change from 10.2%. The number of unemployed increased by 23 thousand from October to 3.58 million. The youth unemployment rate fell to 17.8% from 20.4% in October. The “broad unemployment rate” rose to 20.8% from 20.3% the previous month.

When we look at the comparable periods, November 2021 - November 2022, it is seen that there was an increase of 2 points in the labor force participation rate between the relevant periods, with adjusted data. The workforce, which was 33 million 419 thousand people in the similar period of 2021, became 35 million 150 thousand people in October 2022. The labor force participation rate increased from 52.1% to 54.1%. The labor force participation rate of women is still at a very low level with 36.4%. Unemployment and underemployment of women in the workforce may be effective in increasing the unemployment rate in the future. Again, looking at the seasonally adjusted data; While the employment rate increased by 2.3 points to 48.6% compared to the same period of the previous year, seasonally adjusted employment increased by 285 thousand people compared to the previous month.

Türkiye'de İşsizlik Oranı, %; Katılım oranı ve çalışan sayısı… Kaynak: TÜİK, Tera Yatırım

Despite the economy growing by 7.5% and 7.7% in the first two quarters and by 3.9% in the third quarter, it is observed that the idle labor force rate could not be reduced sufficiently. The employment rate showed a positive change from 48.2% to 48.6% compared to the previous month. As of the last quarter, we can consider this as a recovery since there was a weakening in employment after September. Although the latest PMI signals a partial recovery, it is still below 50 and in contraction territory. The decline in exports due to the economic slowdown in Europe may adversely affect employment in the coming period, although there is no serious deterioration at the moment.

Kaynak: Tera Yatırım-Enver Erkan
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