The Icelandic economy appears to be operating at full capacity, and then some, the latest unemployment figures show. According to the Labor Force Survey conducted by Statistics Iceland the unemployment rate in September was just 1.5%. A total of 3,100 people were without work. At the same time last year the unemployment rate stood at 3%.
The report finds that there were 202,600 people aged from 16 to 74 in the Icelandic labor force in September 2018, or 80.8% of the total population of people aged 16 to 74. High labor participation is one of the features of the Icelandic labor market. The labor participation rate in Iceland fluctuates between 80 and 85%, which is quite high in international comparison. This figure is 67% for the US and 76% in the UK.
The high labor participation rate is coupled with a low unemployment rate. According to Statistics Iceland 199,500 persons were employed in September and 3,100 persons were unemployed, for a 1.5% unemployment rate. The seasonally adjusted unemployment rate was 1.7%.
The Icelandic economy appears to be operating at full capacity, and then some, the latest unemployment figures show. According to the Labor Force Survey conducted by Statistics Iceland the unemployment rate in September was just 1.5%. A total of 3,100 people were without work. At the same time last year the unemployment rate stood at 3%.
The report finds that there were 202,600 people aged from 16 to 74 in the Icelandic labor force in September 2018, or 80.8% of the total population of people aged 16 to 74. High labor participation is one of the features of the Icelandic labor market. The labor participation rate in Iceland fluctuates between 80 and 85%, which is quite high in international comparison. This figure is 67% for the US and 76% in the UK.
The high labor participation rate is coupled with a low unemployment rate. According to Statistics Iceland 199,500 persons were employed in September and 3,100 persons were unemployed, for a 1.5% unemployment rate. The seasonally adjusted unemployment rate was 1.7%.
