According to the Icelandic Labour Force Survey the number of persons in the labour force in November 2016 was 201,900. Of those in the labour force 197,200 persons were employed and 4,800 persons were unemployed. The activity rate was 84.2%, the employment rate was 82.2% and the unemployment rate was 2.4%. Comparison between November 2015 and 2016 shows increase in activity by 1.3 percentage points of the total population. Number of employed increased by 11,500 persons and the rate went up by 2.2 points. Number of unemployed decreased by 2,100 persons and the unemployment rate went down by 1.2 points.

Figure 1. Labour force November 2016



Figures may not add up because of rounding.

Seasonally adjusted unemployment was 2.9% in November
The changes in the Icelandic labour market display a certain pattern as regards seasonality, as can be seen in the figures below. The seasonally adjusted data show that in November 2016 the number of people in the labour force was 203,200, corresponding to 84.9% activity rate which is 1.4 percentage points higher than in October. The number of unemployed persons, in November 2016, is estimated around 5,900 and has increased by 200 since October. The unemployment rate was 2.9% in November compared to 2.8% in October. According to the seasonal adjustment the employment rate was 82.4% in November. 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 0.5 points. The employment rate has increased by 0.6 points in the last six months and by 1.5 points in the last 12 months.


Implementation
November 2016 is divided into four weeks, from October 31st to 27th of November. The total sample size was 1,205 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 1,168 persons. In total the number of usable answers was 847 which correspond to 72.6% response rate. All figures have been weighted by sex and age groups. The confidence limit of the results on activity rate is ±2.4 points, employment rate is ±2.5 points and unemployment rate is ±1.1 point. 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 November - Original
    CI   CI   CI
  2014 (±95%) 2015 (±95%) 2016 (±95%)
Total 16-74 years            
Activity rate 80.8 2.5 82.9 2.4 84.2 2.4
Employment rate 78.3 2.6 80.0 2.6 82.2 2.5
Unemployment rate 3.1 1.2 3.6 1.3 2.4 1.1
Hours of work 41.3 1.2 40.5 1.3 39.9 1.2
Labour force 185,400 5,700 192,600 5,600 201,900 5,700
Employed 179,600 5,900 185,700 6,000 197,200 6,000
Unemployed 5,700 2,300 6,900 2,600 4,800 2,300
Inactive 44,100 5,700 39,600 5,600 37,800 5,700
Est. population 229,400 232,200 239,800
Table 2. Labour market last 6 months - Seasonal adjustment
  Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16
Total 16-74 years            
Activity rate 82.7 82.9 84.0 84.1 83.4 84.9
Employment rate 80.8 80.6 81.5 81.5 81.1 82.4
Unemployment rate 2.4 2.8 2.9 3.1 2.8 2.9
Hours of work 39.8 39.8 39.8 40.4 40.1 40.0
Labour force 193,100 195,100 197,000 198,600 200,200 203,200
Employed 188,400 189,600 191,300 192,500 194,500 197,300
Unemployed 4,600 5,400 5,800 6,100 5,700 5,900
Inactive 40,300 40,100 37,600 37,500 39,700 36,200
Est. population 233,300 235,200 234,600 236,200 239,900 239,400
Table 3. Labour market last 6 months - Seasonal adjustment trend
  Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16
Total 16-74 years            
Activity rate 83.5 83.6 83.7 83.8 83.9 84.0
Employment rate 81.0 81.2 81.3 81.4 81.5 81.7
Unemployment rate 2.9 2.9 2.9 2.9 2.8 2.8
Hours of work 40.1 40.0 40.0 40.1 40.1 40.0
Labour force 196,000 196,700 197,600 198,600 199,700 200,600
Employed 190,300 190,900 191,800 192,900 194,000 194,900
Unemployed 5,700 5,700 5,700 5,700 5,700 5,600
Inactive 38,900 38,600 38,400 38,300 38,300 38,200
Est. population 234,900 235,300 236,000 236,900 237,900 238,700

Statistics