Turkey's unemployment rate eases in May

The number of unemployed people decreased by 0.2 percentage point in May to 8.8 percent, keeping the downwards spiral of the rate for the fourth consecutive month. Although Turkey's economy has been creating jobs in a significant pace, people looking for a job is growing faster than economy can employ, paving way to a chronic unemployment problem for the country. Recent unemployment figures came as many international institutes, including OECD, World Bank and S&P have upgraded Turkey's growth estimations after its surprising performance in recent quarters. Unemployment in Turkey had risen above the government target of 9.5 percent to 9.7 percent in 2013 as the labor growth outstripped the number of people employed.