U.S. Economy Contracts Sharply in Q1 2025: Key Factors and Implications
The U.S. economy contracted at an annualized rate of 0.5 percent in the first quarter of 2025, according to the third estimate (BEA).
Blue mosque, Turkey, Istanbul image. Free for use. Image by Walkerssk from Pixabay
According to the Turkish Statistical Institute, Turkey's seasonally adjusted unemployment rate climbed to 9.2% in June 2024—the highest since August 2023—from a revised 8.5% in May, surpassing forecasts of 8.2%.
The number of unemployed individuals rose by 234,000 from the previous month to 3.305 million, while employment declined by 341,000 to 32.522 million.
Meanwhile, the labor force participation rate decreased to 54.4% from 54.6% in May.
The jobless rate among youths aged 15 to 24 increased by 1.7 percentage points, reaching 17.6%.
Source: Turkish Statistical Institute
