According to the Icelandic Labour Force Survey the number of persons in the labour force in April 2017 was 199,300. Of those in the labour force 192,900 persons were employed and 6,400 persons were unemployed. The activity rate was 83.2%, the employment rate was 80.5% and the unemployment rate was 3.2%. Comparison between April 2016 and 2017 shows that even though the number of persons in the labour force increased by 3,500 the activity rate decreased by 0.6 points of the total population. Number of employed increased by 6,600 persons and the employment rate increased by 0.8 points. Number of unemployed decreased by 3,100 persons and the unemployment rate decreased by 1.6 points. In April and May, the supply of young people in the labour force usually increases as students start to look for summer jobs. Of total unemployment in April 2017, 52% were in the age group 16-24 years old and the unemployment rate amongst them was 9.7%.
Figure 1. Labour force April 2017
Figures may not add up because of rounding.
Seasonally adjusted unemployment was 2.3% in April
The changes in the Icelandic labour market display a certain pattern as regards seasonality, as can be seen in the figures below. Seasonal adjustment estimates the number of people in the labour force being 202,700 in April 2017. This corresponds to 84.1% activity rate which is 0.6 percentage points lower than in March 2017. The number of unemployed persons in April 2017 is estimated around 4,600 an increase by 1,400 since March. The unemployment rate was 2.3% in April compared to 1.6% in March. According to the seasonal adjustment, the employment rate was 82.2% in April. The trend for seasonally adjusted data in the last six months shows that the unemployment rate has decreased by 0.4 percentage points and by 0.6 points in the last 12 months. The employment rate has increased by 0.7 points in the last six months and in the last 12 months it has increased by 1.3 points.
Implementation
April 2017 is divided into four weeks, from 3rd to 30th of April. The total sample size was 1,216 persons, 16–74 years, randomly chosen from the Population Register. When those who had passed away and those who were living abroad had been deducted from the sample the net sample was 1,181 persons. In total the number of usable answers was 800 which correspond to 67.7% response rate. All figures have been weighted by sex and age groups. The confidence limit of the results on activity rate is ±2.6 points, employment rate is ±2.7 points and unemployment rate is ±1.4 points. Figures may not add up because of rounding. Results for the first two months in every quarter of the year are preliminary until the end of the quarter.
| Table 1. Labour market in April - Original | ||||||
| CI | CI | CI | ||||
| 2015 | (±95%) | 2016 | (±95%) | 2017 | (±95%) | |
| Total 16-74 years | ||||||
| Activity rate | 82.0 | 2.1 | 83.8 | 2.3 | 83.2 | 2.6 |
| Employment rate | 77.5 | 2.3 | 79.7 | 2.6 | 80.5 | 2.7 |
| Unemployment rate | 5.6 | 1.4 | 4.8 | 1.6 | 3.2 | 1.4 |
| Hours of work | 37.2 | 1.2 | 39.6 | 1.3 | 38.1 | 1.5 |
| Labour force | 190,600 | 4,800 | 195,800 | 5,500 | 199,300 | 6,100 |
| Employed | 180,000 | 5,300 | 186,300 | 6,100 | 192,900 | 6,600 |
| Unemployed | 10,600 | 2,600 | 9,500 | 3,100 | 6,400 | 2,800 |
| Inactive | 41,800 | 4,800 | 37,900 | 5,500 | 40,300 | 6,100 |
| Est. population | 232,400 | • | 233,700 | • | 239,600 | • |
| Table 2. Labour market last 6 months - Seasonal adjustment | ||||||
| Nov-16 | Dec-16 | Jan-17 | Feb-17 | Mar-17 | Apr-17 | |
| Total 16-74 years | ||||||
| Activity rate | 84.5 | 83.9 | 83.0 | 83.8 | 84.7 | 84.1 |
| Employment rate | 82.1 | 81.6 | 80.2 | 81.4 | 83.4 | 82.2 |
| Unemployment rate | 2.8 | 2.8 | 3.4 | 2.9 | 1.6 | 2.3 |
| Hours of work | 40.1 | 40.2 | 40.4 | 40.0 | 40.0 | 40.4 |
| Labour force | 200,100 | 198,700 | 198,700 | 199,900 | 202,000 | 202,700 |
| Employed | 194,500 | 193,100 | 192,000 | 194,100 | 198,800 | 198,100 |
| Unemployed | 5,600 | 5,500 | 6,700 | 5,900 | 3,200 | 4,600 |
| Inactive | 36,800 | 38,100 | 40,600 | 38,500 | 36,400 | 38,200 |
| Est. population | 236,900 | 236,700 | 239,300 | 238,500 | 238,400 | 240,900 |
| Table 3. Labour market last 6 months - Seasonal adjustment trend | ||||||
| Nov-16 | Dec-16 | Jan-17 | Feb-17 | Mar-17 | Apr-17 | |
| Total 16-74 years | ||||||
| Activity rate | 83.8 | 83.7 | 83.6 | 83.8 | 84.0 | 84.2 |
| Employment rate | 81.5 | 81.4 | 81.4 | 81.6 | 81.9 | 82.1 |
| Unemployment rate | 2.8 | 2.7 | 2.7 | 2.6 | 2.5 | 2.4 |
| Hours of work | 40.2 | 40.2 | 40.2 | 40.2 | 40.2 | 40.2 |
| Labour force | 198,800 | 198,900 | 199,100 | 200,000 | 201,200 | 202,000 |
| Employed | 193,300 | 193,400 | 193,800 | 194,900 | 196,200 | 197,000 |
| Unemployed | 5,500 | 5,400 | 5,300 | 5,200 | 5,000 | 4,900 |
| Inactive | 38,500 | 38,800 | 38,900 | 38,700 | 38,200 | 37,900 |
| Est. population | 237,300 | 237,700 | 238,100 | 238,700 | 239,400 | 239,900 |