TODAY’S – Turkish unemployment lowest since July 2013

Turkish unemployment lowest since July 2013Turkeyand#39s unemployment rate decreased to 88 percent in May from 9 percent in the preceding month, registering a relatively faster increase in jobs, official data showed on Friday.The rate was the lowest since July of last year and down from 10.

3 percent in January of 2014.Data from the Turkish Statistics Institute (TurkStat) revealed on Friday that the total number of unemployed in May was 255 million.

The countryand#39s non-agricultural jobless rate increased to 15.7 percent in May from 15.

5 percent in April. The youth jobless rate was also at 15.

8 percent in May. The number of employed people fell to a seasonally adjusted 25.

996 million in May from 26.002 million in April.

TurkStat said 46.7 percent of the workforce had jobs, while the labor force participation rate was 51.

2 percent in May. Of those who were employed in May, 21.

9 percent were employed in agriculture, 20.2 percent in the industrial sector, 74 percent in construction and 50.

5 percent in the service sectorThe labor force participation rate (LFPR) was registered as 51.2 percent with 29,089,000 persons in the month of May 2014 in Turkey.

The LFPR was 71.8 percent male and 31 percent female.

According to data from the Ministry of Finance, total public sector employment increased 43 percent in the second quarter year-on-year, totaling 3,373,000 people.Regional disparity continues to be a factor when considering Turkeyand#39s employment rate, as those in the provinces of the eastern and southeastern Anatolian regions typically report unemployment figures as high as double the national rate.

TurkStat figures from 2013 show unemployment as low as 46 percent in the central Anatolian province of Afyonkarahisar and as high as 23.4 percent in the southeastern province of Batman.

Despite the fact that Turkey has enjoyed significant growth as a developing country in the past decade and achieved a middle-income per capita gross domestic product (GDP), income inequality remains a pervasive issue. In 2013, Istanbul was one of the top 10 cities in the world in terms of the number of billionaires, yet the current monthly minimum wage for a single worker without children is TL 891, or roughly $440.

SOURCE: Today’s Zaman