Unemployment rate 3.1%
In the second quarter of 2008, 5,700 persons were unemployed and in search of a job or 3.1% of the labour force. The unemployment rate was 3.2% for men and 2.9% for women. The unemployment rate was highest amongst persons aged 16-24 years old, or 10.8%.
In the second quarter of 2007 the unemployment rate was 3.2%. The unemployment rate was 3.4% for men and 2.8% for women. The unemployment rate was highest amongst young people aged 16-24 years old, or 10.2%.
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.
36.9% of unemployed persons have searched for a job for less than a month and 29.6% have found a job that starts within 3 months
Of those who were unemployed in the second quarter of 2008, 1,700 had found a job that starts within 3 months, or 29.6% and 2,100 or 36.9% had searched for a job less than a month. Of those who were unemployed in the second quarter, 300 or 5.8% had searched longer than 6 months.
| Table 1. Unemployed in 2nd quarter by duration of search for job | ||||||||
| 2005 | 2006 | 2007 | 2008 | |||||
| Number | % | Number | % | Number | % | Number | % | |
| Unemployed | 5,000 | 100.0 | 7,200 | 100.0 | 5,800 | 100.0 | 5,700 | 100.0 |
| Already found work | 1,500 | 28.9 | 2,000 | 28.5 | 1,900 | 33.1 | 1,700 | 29.6 |
| Less than one month | 1,400 | 28.5 | 2,800 | 38.6 | 1,900 | 32.3 | 2,100 | 36.9 |
| 1-2 months | 900* | 17.0* | 1,200 | 16.7 | 900* | 15.4* | 1,300 | 22.8 |
| 3-5 months | 500* | 9.1* | 400* | 5.9* | 500* | 9.3* | 300* | 4.9* |
| 6 months or more | 800* | 16.5* | 700* | 10.3* | 600* | 9.9* | 300* | 5.8* |
| Figures may not add up because of rounding. | ||||||||
| * relative standard error over 20% | ||||||||
Employed persons 181,500 and the activity rate was 84.0%
The number of employed persons in the second quarter of 2008 was 181,500 and had increased by 2,400 since the same quarter one year earlier. The number of persons in the labour force was 187,200, which corresponds to activity rate of 84%. The activity rate of men was 89.2% and the activity rate of women was 78.4%. 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.
In the second quarter of 2007 the number of persons in the labour force was 185,000 and the activity rate was 85.1%. The activity rate of men was 89.1% and the activity rate of women was 80.7%.
Employed persons work 42.7 hours per week
In the second quarter of 2008 the average number of working hours of those who were working in the reference week was 42.7 hours. Men worked 47.4 hours and women worked 36.6 hours on average in the reference week. The average number of working hours of those who worked full-time was 47.0 hours per week. Men working full-time worked 49.8 hours on average and women 42.4 hours. The average number of hours of those working part-time was 24 hours per week. Men working part-time worked 22.1 hours and women 24.7 hours per week.
In the second quarter of 2007 the average working hours were 42.2 hours. Men worked 47.4 hours and women 35.7 hours on average.
| Table 2. Labour market in 2nd quarter | ||||||
| 2005 | 2006 | 2007 | 2008 | |||
| Activity rate | Percentage | 83.5 | 85.1 | 85.1 | 84.0 | |
| Employment rate | Percentage | 81.0 | 81.7 | 82.4 | 81.4 | |
| Unemployment rate | Percentage | 3.0 | 4.0 | 3.2 | 3.1 | |
| Labour force | Estimated No. | 168,900 | 178,700 | 185,000 | 187,200 | |
| Employed | Estimated No. | 163,800 | 171,600 | 179,100 | 181,500 | |
| Unemployed | Estimated No. | 5,000 | 7,200 | 5,800 | 5,700 | |
| Employed full time | Estimated No. | 131,500 | 135,700 | 141,700 | 146,000 | |
| Employed part time | Estimated No. | 32,300 | 35,800 | 37,500 | 35,500 | |
| Working hours | Hours | 43.1 | 42.2 | 42.2 | 42.7 | |
| Working hours full time | Hours | 47.3 | 46.1 | 46.6 | 47.0 | |
| Working hours part time | Hours | 25.0 | 25.7 | 24.5 | 24.0 | |
| Inactive | Estimated No. | 33,400 | 31,400 | 32,500 | 35,600 | |
| Population | Estimated No. | 202,200 | 210,100 | 217,500 | 222,800 | |
| Figures may not add up because of rounding. | ||||||
Implementation of the labour force survey
Since 2003 Statistics Iceland has conducted a continuous labour force survey with quarterly results. The second quarter of 2008 covers 13 weeks, from 31st of March to 29th of June. The total sample size was 3,921 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 3,834 persons. In total the number of usable answers was 3,054 which corresponds to 79.7% response rate. All figures have been weighted by sex and age groups. The confidence limit of the results on activity rate is ± 1.2%, unemployment rate ± 0.7% and on working time ± 1 hour.
Statistics