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Labour Market Unemployment - Iceland

Reykjavik Iceland

 

The number of persons in the labour force in June 2012 was 192,500 which correspond to an activity rate of 85.8%. The number of employed persons was 182,400 and unemployed persons were 10,100. The employment rate was 81,3% and the unemployment rate was 5.2%. The unemployment rate has increased by 0.6 percentage points from June 2011 when it was 4.7%.

In the 2nd quarter of 2012 the activity rate was 82.8%. The employment rate was 76.9% and the unemployment rate was 7.2%. The number employed increased by 2.200 and number of unemployed decreased by 2.500 from the 2nd quarter of 2011.


Seasonally adjusted unemployment 6%

The seasonally adjusted data shows that in June 2012 unemployed persons aged 16-74 amounted to 11,100 or 6% compared to 9,600 in May 2012 or 5.4%. The number of seasonally adjusted employed persons in June was 171,700 or 76.9% compared to 170,200 or 76.6% in May 2012. Even though seasonally adjusted unemployment is higher now than in June 20121 the trend for the last 12 months shows a slight decrease in unemployment.

Long term unemployment

Those who have been unemployed for 12 months or more are defined as long term unemployed. In 2nd quarter of 2012 around 2,800 where long term unemployed or 21.2% of all unemployed. In 2nd quarter of 2011 around 3,900 where long term unemployed or 24.7% of all unemployed.

Those who have been unemployed for 12 months or more decreased by 1.000, from 3,800 or 2.2% of the labour force in 2nd quarter of 2011 to 2,800 or 1.6% of the labour force in the 2nd quarter of 2012.

Implementation

June 2012 is divided in to four weeks, from the 4th of June to 1st of July. The total sample size for June 2012 was 1,206 persons. When those who had passed away or those who were living abroad had been deducted from the sample the net sample was 1,187 persons. In total the number of usable answers was 992 which correspond to 83.6% response rate. All figures have been weighted by sex and age groups. The confidence limit of the results on activity rate is ±2.2%, unemployment rate is ±1.5%. Figures may not add up because of rounding.

Table 1. Labour market in May - Orginal

       

 

2010

2011

2012

Total 16-74 years

           

Activity rate

86,0

±2,4

84,5

±2,3

85,8

±2,1

Employment rate

80,8

±2,9

80,6

±2,8

81,3

±2,4

Unemployment rate

6,0

±2,4

4,7


±2,2

5,2

±1,7

Hours of work

40,3

±1,3

40,7

±1,3

42,0

±1,2

Labour force

192.100

±5400

190.200

±5100

192.500

±4700

Employed

180.500

±6400

181.200

±6100

182.400

±5400

Unemployed

11.600

±4300

8.900

±4100

10.100

±3300

Inactive

31.300

±5400

34.800

±5100

31.800

±4700

Est. population

223.400

224.900

224.300

 

Table 2. Labour market last 6 months - Seasonal adjustement

   

 

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Total 16-74 years

           

Activity rate

80,1

79,8

80,5

80,4

81,0

81,8

Employment rate

75,0

74,2

74,6

74,9

76,6

76,9

Unemployment rate

6,3

7,1

7,3

6,8

5,4

6,0

Hours of work

40,0

39,9

40,0

39,8

39,8

40,0

Labour force

181.400

179.400

180.300

180.200

179.800

182.700

Employed

169.900

166.700

167.100

167.900

170.200

171.700

Unemployed

11.500

12.700

13.100

12.300

9.600

11.100

Inactive

45.100

45.300

43.800

44.000

42.300

40.600

Est. population

226.400

224.700

224.000

224.200

222.100

223.400

 

Table 3. Labour market last 6 months - Seasonal adjustement trend

   

 

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Total 16-74 years

           

Activity rate

79,7

79,8

80,1

80,5

80,9

81,2

Employment rate

74,5

74,6

74,9

75,4

75,9

76,2

Unemployment rate

6,6

6,6

6,5

6,4

6,3

6,2

Hours of work

30,4

30,4

30,4

30,3

30,3

30,3

Labour force

178.100

178.500

179.300

180.300

181.200

181.800

Employed

166.400

166.800

167.600

168.800

169.900

170.500

Unemployed

11.700

11.700

11.700

11.500

11.300

11.300

Inactive

45.300

45.000

44.500

43.600

42.700

42.100

Est. population

223.400

223.500

223.700

223.900

223.900

223.900

SOURCES
statice