According to the latest labour market figures from Statistics Iceland unemployment in October was 3.8%This is the lowest unemployment figures recorded at this time of year since the fall of 2008. Unemployment in October has dropped by 1.2 percentage points since October 2014. The labour participation rate in Iceland, which was 81% in October, is also one of the highest in the OECD.
High labour participation, low unemployment
Statistics Iceland estimates that 189,000 people aged 16-74 were in the labour market in October, out of a total of 233,700 people aged 16-74. This represents 81% of the total population aged 16-74. Out of those on the labour market only 7,200 were unemployed in October. More men were unemployed than women. The unemployment rate among men was 4.8% and 2.7% among women. At the same time, however, more women than men were outside the labour market.
Read more: Long term unemployment at record lows as shortage of construction workers threatens
The measurement by Statistics Iceland is more accurate than the unemployment figures published by the Directorate of Labour and ministry of Welfare, according to which unemployment was only 2.6% in October. Those figures measure only count people who receive unemployment benefits, leaving out those who have exhausted their right to benefits. The rights were extended in 2010 to 4 years, 48 months, in response to the economic collapse of 2008. Since then the rights have been cut back. Since 1 January 2015 unemployemnt benefits are 2.5 years, or 30 months.
According to the latest labour market figures from Statistics Iceland unemployment in October was 3.8%This is the lowest unemployment figures recorded at this time of year since the fall of 2008. Unemployment in October has dropped by 1.2 percentage points since October 2014. The labour participation rate in Iceland, which was 81% in October, is also one of the highest in the OECD.
High labour participation, low unemployment
Statistics Iceland estimates that 189,000 people aged 16-74 were in the labour market in October, out of a total of 233,700 people aged 16-74. This represents 81% of the total population aged 16-74. Out of those on the labour market only 7,200 were unemployed in October. More men were unemployed than women. The unemployment rate among men was 4.8% and 2.7% among women. At the same time, however, more women than men were outside the labour market.
Read more: Long term unemployment at record lows as shortage of construction workers threatens
The measurement by Statistics Iceland is more accurate than the unemployment figures published by the Directorate of Labour and ministry of Welfare, according to which unemployment was only 2.6% in October. Those figures measure only count people who receive unemployment benefits, leaving out those who have exhausted their right to benefits. The rights were extended in 2010 to 4 years, 48 months, in response to the economic collapse of 2008. Since then the rights have been cut back. Since 1 January 2015 unemployemnt benefits are 2.5 years, or 30 months.
