According to the Household Labor Force Survey results, the number of unemployed individuals aged 15 and over increased by 35,000 in September 2024 compared to the previous month, reaching 3.1 million people. The unemployment rate remained unchanged at 8.6%. It was estimated to be 6.7% for men and 12.3% for women.
INCREASE IN EMPLOYMENT FIGURES
The number of employed individuals increased by 95,000 in September 2024 compared to the previous month, totaling 32.823 million people. The employment rate also increased by 0.1 percentage points to 49.7%. This rate was 67.3% for men and 32.5% for women.
Seasonally adjusted labor force participation rate was 54.4%
In September 2024, the labor force increased by 131,000 compared to the previous month, reaching 35.923 million people. The labor force participation rate also increased by 0.2 percentage points to 54.4%. This rate was 72.1% for men and 37.0% for women.
YOUTH UNEMPLOYMENT ON THE RISE
The unemployment rate for the youth population aged 15-24 increased by 0.3 percentage points in September 2024, reaching 17.1%. In this age group, the unemployment rate was estimated to be 13.5% for men and 24.0% for women.
INCREASE IN BROAD DEFINITION UNEMPLOYMENT
The underemployment, potential labor force, and idle labor force rate, which includes part-time employment, potential labor force, and unemployed individuals, decreased by 1.7 percentage points in September 2024, reaching 25.6%. The integrated rate of underemployment and unemployed individuals was 17.3%, while the integrated rate of unemployed and potential labor force was estimated to be 17.9%.
Effects of the Covid-19 Pandemic
The Covid-19 pandemic has had a significant impact on the labor market, leading to fluctuations in employment and unemployment figures. The uncertainty caused by the pandemic has resulted in challenges for both employers and job seekers, leading to a complex economic situation.
Government Initiatives to Combat Unemployment
In response to the rising unemployment rates, the government has implemented various initiatives to stimulate job creation and support businesses. These initiatives include financial incentives for companies to hire new employees, vocational training programs to enhance skills, and investment in key industries to boost employment opportunities.
Future Outlook
As the economy continues to recover from the effects of the pandemic, it is expected that the labor market will gradually stabilize. However, challenges such as automation, digitalization, and changing job requirements may impact the future employment landscape. It is crucial for policymakers, businesses, and individuals to adapt to these changes and invest in skills development to ensure sustainable employment opportunities in the long term.
