Unemployment in Turkey Falls From Highest Level in Decade

Unemployment in Turkey Falls From Highest Level in Decade
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Unemployment in Turkey Falls From Highest Level in Decade

Unemployment in Turkey Falls From Highest Level in Decade

Turkey’s unemployment rate eased to 14.1 percent in the February-April period, declining from its highest level in nearly a decade, data from the Turkish Statistical Institute (TurkStat) showed on Monday.

Non-agricultural joblessness also declined to 16.1 percent in the same period, the data showed.

In the previous January-March period, unemployment stood at 14.7 percent while non-agricultural unemployment was at 16.9 percent.

The youth unemployment rate including persons aged 15-24 was 25.2 percent with a 7.5 percentage point increase, and the unemployment rate for persons aged 15-64 occurred as 14.3 percent with a four percent increase.

In February, the country’s unemployment rate was 14.7 percent with 4.73 million unemployed people aged 15 and above, marking a 4.1 percentage point annual rise.

Opposition Republican People's Party (CHP) Deputy Unal Demirtas accused the country’s business foundation of intentionally hiding real figures from public.

In an economic report prepared recently by his party, he said the number of real unemployed is 8.47 million people.

Head of Turkey’s Confederation of Progressive Trade Unions Arzu Cerkezoglu, for her part, said the decline in employment rates made it look more tragic for those who have recently graduated.

Official figures revealed that the number of employed people in Turkey amounted to 27.8 million, with some 700,000-fall year-on-year.

"The employment rate occurred as 45.4 percent with a 1.7 percentage point decrease," the institute said.

"According to the distribution of employment by sector, 17.3 percent were employed in agriculture, 19.7 percent in industry, 5.5 percent in construction and 57.4 percent in services," it added.

Turkey's labor force climbed 630,000 on a yearly basis, totaling nearly 32.4 million people as of March.

The institute said the labor force participation rate in Turkey was 52.9 percent in the same month, 71.7 percent for men and 34.4 percent for women.

TurkStat also noted that the rate of unregistered employment – people working without social security related to their principal occupation – was 33.9 percent in March, rising 1.5 percentage points year-on-year.



Tesla Shares Fall as Musk's 'America Party' Riles Investors

3D printed miniatures of US President Donald Trump and Elon Musk, and Tesla logo are seen in this illustration taken July 1, 2025. REUTERS/Dado Ruvic/Illustration
3D printed miniatures of US President Donald Trump and Elon Musk, and Tesla logo are seen in this illustration taken July 1, 2025. REUTERS/Dado Ruvic/Illustration
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Tesla Shares Fall as Musk's 'America Party' Riles Investors

3D printed miniatures of US President Donald Trump and Elon Musk, and Tesla logo are seen in this illustration taken July 1, 2025. REUTERS/Dado Ruvic/Illustration
3D printed miniatures of US President Donald Trump and Elon Musk, and Tesla logo are seen in this illustration taken July 1, 2025. REUTERS/Dado Ruvic/Illustration

Tesla shares fell over 3% on Monday, under pressure from investor concerns about the focus of boss Elon Musk after he announced he would form a new US political party, marking a new escalation in his feud with President Donald Trump.

Tesla stock fell over 3% in Frankfurt, pointing to another decline once premarket trading gets underway following the three-day weekend for Independence Day, Reuters said.

Veteran tech analyst Dan Ives of Wedbush said Musk was Tesla's "biggest asset" and his decision to dive deeper into politics would likely put the company's shares under pressure.

"Tesla needs Musk as CEO and its biggest asset and not heading down the political route yet again...while at the same time getting on Trump's bad side," Ives said in a note on Sunday.

"It would also not shock us if the Tesla board gets involved at some point given the political nature of this endeavor depending on how far Musk takes it."

Trump on Sunday called Musk's plans to form the "America Partyridiculous," launching new barbs at the tech billionaire and saying the Musk ally he once named to lead NASA would have presented a conflict of interest given Musk's business interests in space.