Unemployment rate 2%
In the first quarter of 2007, 3,500 persons were unemployed and in search of a job or 2% of the labour force. Both male and female unemployment rate was 2%. The unemployment rate was highest amongst persons aged 16-24 years old, or 6.9%.
In the first quarter of 2006 the unemployment rate was 2.4%, 2.2% amongst men and 2.5% amongst women. The unemployment rate was highest amongst young people aged 16-24 years old, or 7.7%.
Persons are classified as unemployed who have no employment, are actively seeking a job and could start working within two weeks or have found a job which starts within 3 months.
39.6% of unemployed persons have searched for a job for less than a month and 15.1% have found a job that starts within 3 months.
Of those who were unemployed in the first quarter of 2007, 500 had found a job that starts within 3 months, or 15.1%, 1,400, or 39.6%, had searched for less than a month for a job and 600 persons, or 17.8%, had searched longer than 6 months.
| Table 1. Unemployed by duration of search for job | ||||||||
| 1st quarter 2004 | 1st quarter 2005 | 1st quarter 2006 | 1st quarter 2007 | |||||
| Number | % | Number | % | Number | % | Number | % | |
| Unemployed | 4,800 | 100.0 | 4,800 | 100.0 | 4,000 | 100.0 | 3,500 | 100.0 |
| Already found work | 200* | 3.8* | 300* | 7.1* | 500* | 12.8* | 500* | 15.1* |
| Less than one month | 1,500 | 31.0 | 1,400 | 28.6 | 2,000 | 50.5 | 1,400 | 39.6 |
| 1-2 months | 1,700 | 35.1 | 1,300 | 27.1 | 600* | 16.1* | 700* | 20.5* |
| 3-5 months | 600* | 12.8* | 600* | 12.8* | 400* | 9.2* | 200* | 7.1* |
| 6 months or more | 800* | 17.2* | 1,200 | 24.4 | 500* | 11.4* | 600* | 17.8* |
|
Figures may not add up because of rounding | ||||||||
|
* relative standard error over 20% | ||||||||
The number of employed persons increased by 9,300 and the activity rate was 82.2%
The number of employed persons in the first quarter of 2007 was 172,800 and had increased by 9,300 since the same quarter one year earlier. The number of persons in the labour force was 176,300, which corresponds to activity rate of 82.2%. The activity rate of men was 86.2% and the activity rate of women was 77.9%. The labour force is considered to consist of employed and unemployed persons. People are classified as working (employed) if they worked one hour or more in the reference week or were absent from work they usually carry out.
The activity rate was 81.1% in the first quarter of 2006. The activity rate of men was 84.6% and the activity rate of women was 77.5%. The number of persons in the labour market increased by 8,800 persons from the first quarter of 2006 to the first quarter of 2007.
Employed persons work 41.5 hours per week
In the first quarter of 2007 the average number of working hours of those who were working in the reference week was 41.5 hours. Men worked 47.1 hours and women worked 34.7 hours on average.
In the first quarter of 2006 the average working hours were 41.2 hours. Men worked 46.3 hours and women 35.2 hours.
| Table 2. Labour market | |||||||
| 1st quarter | |||||||
| 2003 | 2004 | 2005 | 2006 | 2007 | |||
| Activity rate | Percentage | 80.1 | 78.9 | 79.8 | 81.1 | 82.2 | |
| Unemployment rate | Percentage | 3.9 | 3.1 | 3.0 | 2.4 | 2.0 | |
| Labour force | Estimated No. | 157,900 | 157,100 | 160,600 | 167,500 | 176,300 | |
|
Employed |
Estimated No. | 151,800 | 152,300 | 155,800 | 163,500 | 172,800 | |
|
Unemployed |
Estimated No. | 6,100 | 4,800 | 4,800 | 4,000 | 3,500 | |
| Employed full time | Estimated No. | 113,100 | 114,500 | 116,500 | 120,400 | 128,200 | |
| Employed part time | Estimated No. | 38,700 | 37,800 | 39,300 | 43,200 | 44,700 | |
| Working hours | Hours | 40.9 | 40.9 | 40.7 | 41.2 | 41.5 | |
| Working hours full time | Hours | 46.9 | 46.7 | 46.3 | 47.2 | 47.3 | |
| Working hours part time | Hours | 23.0 | 23.1 | 23.0 | 23.8 | 23.5 | |
| Inactive | Estimated No. | 39,300 | 42,000 | 40,500 | 39,100 | 38,300 | |
Implementation of the Labour Force Survey
Since 2003 Statistics Iceland has conducted a continuous labour force survey with quarterly results. The first quarter of 2007 covers 13 weeks, from 1st of January to 1st of April. The total sample size was 3,913 persons aged 16-74 years old selected randomly from the National registry. When those who had passed away or those who were living abroad had been deducted from the sample the net sample was 3,820 persons. In total the number of usable answers was 3,167 which corresponds to 82.9% response rate. All figures have been weighted by sex and age groups. The confidence limit of the results on unemployment rate is ± 0.8%.
Statistics