According to the Icelandic Labour Force Survey the number of persons in the labour force in February 2017 was 199,300. Of those in the labour force 192,900 persons were employed and 6,500 persons were unemployed. The activity rate was 82.8%, the employment rate was 80.1% and the unemployment rate was 3.2%. Comparison between February 2016 and 2017 shows increase in activity by 0.7 percentage points of the total population. Number of employed increased by 7,800 persons and the employment rate increased up by 0.5 points. Number of unemployed decreased by 600 persons bu the unemployment rate was nearly the same.
Figure 1. Labour force February 2017
Figures may not add up because of rounding.
Seasonally adjusted unemployment was 3.1% in February
The changes in the Icelandic labour market display a certain pattern as regards seasonality, as can be seen in the figures below. The seasonal adjustment estimates that in February 2017 the number of people in the labour force was 200,300, corresponding to 83.4% activity rate which is 0.7 percentage points higher than in January 2017. The number of unemployed persons, in February 2017, is estimated around 6,300 and decreased by 800 since January. The unemployment rate was 3.1% in February compared to 3.5% in January. According to the seasonal adjustment the employment rate was 80.8% in February. The trend for seasonally adjusted data in the last six months shows that the unemployment rate has stayed the same, but in the last 12 months it has decreased by 0.2 points. The employment rate has decreased by 0.2 points in the last six months but increased by 0.6 points in the last 12 months.
Implementation
February 2017 is divided into four weeks, from 30th of January to 26th of February 2017. The total sample size was 1,202 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 1,162 persons. In total the number of usable answers was 816 which correspond to 70.2% response rate. All figures have been weighted by sex and age groups. The confidence limit of the results on activity rate is ±2.5 points, employment rate is ±2.7 points and unemployment rate is ±1.4 points. Figures may not add up because of rounding. All numbers for the first two months in every quarter of the year are preliminary until the end of the quarter.
| Table 1. Labour market in February - Original | ||||||
| CI | CI | CI | ||||
| 2015 | (±95%) | 2016 | (±95%) | 2017 | (±95%) | |
| Total 16-74 years | ||||||
| Activity rate | 80.8 | 2.5 | 82.1 | 2.5 | 82.8 | 2.5 |
| Employment rate | 77.2 | 2.7 | 79.6 | 2.6 | 80.1 | 2.7 |
| Unemployment rate | 4.5 | 1.5 | 3.1 | 1.3 | 3.2 | 1.4 |
| Hours of work | 39.7 | 1.3 | 39.9 | 1.3 | 39.2 | 1.4 |
| Labour force | 186,900 | 5,700 | 190,900 | 5,800 | 199,300 | 6,100 |
| Employed | 178,500 | 6,200 | 185,100 | 6,200 | 192,900 | 6,500 |
| Unemployed | 8,400 | 2,900 | 5,900 | 2,600 | 6,500 | 2,800 |
| Inactive | 44,400 | 5,700 | 41,700 | 5,800 | 41,500 | 6,100 |
| Est. population | 231,300 | • | 232,600 | • | 240,800 | • |
| Table 2. Labour market last 6 months - Seasonal adjustment | ||||||
| Sep-16 | Oct-16 | Nov-16 | Dec-16 | Jan-17 | Feb-17 | |
| Total 16-74 years | ||||||
| Activity rate | 84.1 | 83.2 | 84.5 | 84.0 | 82.7 | 83.4 |
| Employment rate | 81.2 | 80.8 | 82.1 | 81.6 | 79.8 | 80.8 |
| Unemployment rate | 3.4 | 2.9 | 2.8 | 2.8 | 3.5 | 3.1 |
| Hours of work | 40.4 | 40.0 | 40.1 | 40.1 | 40.5 | 39.9 |
| Labour force | 198,900 | 197,800 | 200,000 | 199,000 | 199,800 | 200,300 |
| Employed | 192,100 | 192,100 | 194,400 | 193,400 | 192,700 | 194,000 |
| Unemployed | 6,800 | 5,700 | 5,700 | 5,600 | 7,100 | 6,300 |
| Inactive | 37,600 | 39,800 | 36,700 | 38,000 | 41,800 | 39,800 |
| Est. population | 236,400 | 237,600 | 236,800 | 237,000 | 241,500 | 240,100 |
| Table 3. Labour market last 6 months - Seasonal adjustment trend | ||||||
| Sep-16 | Oct-16 | Nov-16 | Dec-16 | Jan-17 | Feb-17 | |
| Total 16-74 years | ||||||
| Activity rate | 83.7 | 83.7 | 83.6 | 83.5 | 83.4 | 83.4 |
| Employment rate | 81.2 | 81.2 | 81.1 | 81.0 | 80.9 | 80.9 |
| Unemployment rate | 3.0 | 3.0 | 3.0 | 3.0 | 2.9 | 2.9 |
| Hours of work | 40.1 | 40.1 | 40.1 | 40.1 | 40.1 | 40.1 |
| Labour force | 197,900 | 198,500 | 198,900 | 199,000 | 199,000 | 199,200 |
| Employed | 191,900 | 192,500 | 193,000 | 193,100 | 193,100 | 193,400 |
| Unemployed | 6,000 | 6,000 | 5,900 | 5,900 | 5,900 | 5,800 |
| Inactive | 38,500 | 38,600 | 38,900 | 39,400 | 39,700 | 39,700 |
| Est. population | 236,400 | 237,100 | 237,900 | 238,400 | 238,700 | 239,000 |