عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Unemployment Rates Increase in Turkey

Reuters
Reuters
TT
TT

Unemployment Rates Increase in Turkey

Reuters
Reuters

The Foundation for Political, Economic and Social Research (SETA) has issued a report revealing an unprecedented increase in the unemployment rate in Turkey during only one year.

The report indicated an annual increase of 68.5 percent in June compared to the same period in 2018, adding that the number of those unemployed has amounted to 4.4 million, up from 2.6 million in June 2018, an increase of 1.8 million.

In its 83rd annual report, which was prepared in cooperation with the Turkish Employment Agency and the Statistical Institute, SETA relied on monitoring registered unemployment only, which does not include unregistered unemployment, such as those who work on a seasonal or daily basis.

According to the report, among people between 15 and 64 years, the number of registered unemployed females rose by 66.1 percent and for males by 71.3 percent.

While among people between 15 and 24 years, the number of registered unemployed females rose by 86 percent and 75.5 percent for males, compared to June 2018.

The increase in the number of unemployed people holding a middle school diploma was the largest among all other categories with 661,000 extra unemployed persons compared to last year.

They were followed by high school graduates with 470,000 while the number of unemployed among those with a university degree increased by 172,000.

It increased by 8,000 among those holding a master's degree and 235 among those who have a doctorate in different majors. Unemployment among university graduates rose by 112 percent.

As for the uneducated, the number of unemployed rose by 119,000.

The agency stated that the Turkish unemployment rate rose in June to 14.3 percent compared with 11 percent in the same month of 2018.

Official data showed that non-agricultural unemployment rose from 3.6 percent to 15 percent during the same period.

Seasonally adjusted employment fell by 74,000 from the previous period, estimated at 28.4 million people, and the number of seasonally unemployed people increased by 7,000 persons, bringing the total number to 4.49 million people.

Most Viewed

 
 
Business

Gold Pulls Back from Near 3-month High as Dollar Regains Strength

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
TT
TT

Gold Pulls Back from Near 3-month High as Dollar Regains Strength

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices eased on Thursday from a near three-month peak hit in the previous session, as the dollar regained strength, while investors awaited further direction from US President Donald Trump's administration regarding trade policies.
Spot gold eased 0.1% to $2,751.99 per ounce by 0552 GMT. Prices rose to $2,763.43 on Wednesday, their highest since Oct. 31 when they hit a record high of $2,790.15.
US gold futures shed 0.4% to $2,760.20.
"It's just a technical pullback because the dollar has been taking back on $108 level, triggering some profit-booking, but the undertone for gold is expected to be positive," said Ajay Kedia, director at Kedia Commodities in Mumbai.
Trump has mooted levies of around 25% on Mexico and Canada and 10% tariff on China from Feb. 1. He also promised duties on European imports, without elaborating further.
"How Trump's policies impact gold is whether the combination of tax cuts, deregulation, tariffs, and deportation will amount to a strong inflationary push," said Ilya Spivak, head of global macro at Tastylive.
"If so, Fed rate cuts will be limited and gold is likely to struggle."
According to Reuters technical analyst Wang Tao, gold might have to face resistance at $2,759, which could trigger a correction.
The Federal Reserve is meeting next week against a backdrop of continued economic growth and declining inflation, but faces uncertainties from Trump's proposed policies that analysts see as inflationary.
The US central bank is expected to hold its benchmark interest rate steady at its next policy meeting on Jan. 28-29. Higher interest rates dampen the appeal of non-yielding gold.
European Central Bank policymakers lined up behind further rate cuts, while the Bank of Japan is widely expected to raise rates on Friday.
Spot silver dropped 0.5% to $30.63 per ounce, while platinum shed 0.2% to $944 and palladium dipped 0.7% to $970.55.