The unemployment rate in Iceland remains at record lows, the lasted Labor Force Survey from Statitistics Iceland reveals. The unemployment rate in October was 2.9%, significantly lower than October 2017 when it stood at 3.7%. This is just the second time in ten years that unemployment drops below the 3% mark in October.
The activity- or labor participation rate in October was 81.2%. Only 6,000 people were looking for work in October, a drop of 1,400 since 2017. The Labor Survey found that the number of jobs has increased by 5,200 year-over-year, while the labor pool only grew by 3,900, leading to a drop in the unemployment rate.
At the same time wages continue to rise. The Wage Index, calculated by Statistics Iceland rose by 0.4% in October. The index has risen 6.6% in the last 12 months. Taking inflation into account the wage index has risen by 3.2% in the past 12 months.
The unemployment rate in Iceland remains at record lows, the lasted Labor Force Survey from Statitistics Iceland reveals. The unemployment rate in October was 2.9%, significantly lower than October 2017 when it stood at 3.7%. This is just the second time in ten years that unemployment drops below the 3% mark in October.
The activity- or labor participation rate in October was 81.2%. Only 6,000 people were looking for work in October, a drop of 1,400 since 2017. The Labor Survey found that the number of jobs has increased by 5,200 year-over-year, while the labor pool only grew by 3,900, leading to a drop in the unemployment rate.
At the same time wages continue to rise. The Wage Index, calculated by Statistics Iceland rose by 0.4% in October. The index has risen 6.6% in the last 12 months. Taking inflation into account the wage index has risen by 3.2% in the past 12 months.
