Turkey's unemployment rate recorded another month-on-month drop last November, reaching 13.3% from 13.4% a month before, official data showed Monday.
On a yearly basis, the unemployment rate was up 1% compared to the same month of the previous year, the Turkish Statistical Institute (TurkStat) announced.
In a statement, TurkStat said the number of unemployed people aged 15 and over rose to 4.3 million in November – 327,000 more than November 2018.
However, the November figures showed a 0.1-percentage-point fall compared to a month earlier, when unemployment stood at 13.4% in October 2019.
The employment rate fell 0.9% to 45.6% – almost 28.17 million people – from the same period the previous year. The youth unemployment rate between aged 15-24 years reached 24.5% showing a rise of 0.9% during the same period.
"The rate of the population neither employed nor pursuing education was at 25.2% with 0.9 percentage point increase compared with the same period of the previous year," TurkStat said. The labor force participation rate decreased 0.5 percentage point on an annual basis, falling to 52.5% in November last year.
The report revealed that the number of women participating in the workforce went down 0.2% from the previous year to 33.9%.
Drawing attention to the month-on-month drop in the unemployment rate, ING Bank said Monday the improvement will likely continue in the period ahead as the job market feels the effects of the economic recovery.
The downward trend in unemployment, which started last summer, has remained in place, falling in November to the lowest level since the end of 2018, a publication by the Economic and Financial Analysis Division of the bank said.
"The drop in unemployment has been more pronounced recently on the back of an improving economic outlook and continued strength in public sector hirings, as well as a declining labor force participation," it said. "The improvement will likely continue in the period ahead as the job market feels the effects of the economic recovery," it added.
Turkish government targets a 12.9% unemployment rate for 2019 under its economic program announced (NEP) last September. The program estimates the unemployment rate will decrease gradually to hit 9.8% in 2022.
