Unemployment rate 2.5%
In the third quarter of 2008, 4.800 persons were unemployed and in search of a job or 2.5% of the labour force. The unemployment rate was 2.6% for men and 2.5% for women. The unemployment rate was highest amongst persons aged 16-24 years old, or 4.8%.
In the third quarter of 2007 the unemployment rate was 2.1%. The unemployment rate was 1.6% for men and 2.7% for women. The unemployment rate was highest amongst young people aged 16-24 years old, or 5.2%.
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.
33.5% of unemployed persons have searched for a job for less than a month and 20.3% have found a job that starts within 3 months
Of those who were unemployed in the third quarter of 2008, near 1,000 had found a job that starts within 3 months, or 20.3% and about 1,600 or 33.5% had searched for a job less than a month. Of those who were unemployed in the third quarter, 300 or 5.7% had searched longer than 6 months.
| Table 1. Unemployed in 3rd quarter by duration of search for job | ||||||||
| 2005 | 2006 | 2007 | 2008 | |||||
| Number | % | Number | % | Number | % | Number | % | |
| Unemployed | 3.000 | 100,0 | 4.600 | 100,0 | 3.900 | 100,0 | 4.800 | 100,0 |
| Already found work | 500* | 15,3* | 1.400 | 30,4 | 1.000 | 24,7 | 1.000 | 20,3 |
| Less than one month | 1.200 | 40,5 | 1.900 | 40,5 | 1.600 | 42,5 | 1.600 | 33,5 |
| 1-2 months | 400* | 12,6* | 300* | 6,9* | 700* | 19,0* | 1.600 | 32,9 |
| 3-5 months | 300* | 9,4* | 300* | 6,9* | 200* | 5,1* | 400* | 7,6* |
| 6 months or more | 700* | 22,2* | 700* | 15,4* | 300* | 8,6* | 300* | 5,7* |
| Figures may not add up because of rounding. | ||||||||
| * relative standard error over 20% | ||||||||
Employed persons 183,800 and the activity rate was 83.8%
The number of employed persons in the third quarter of 2008 was near 183,800, or 81.7%. The number of persons in the labour force was around 188,500, which corresponds to activity rate of 83.8%. The activity rate of men was 88.2% and the activity rate of women was 79.0%. 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 third quarter of 2007 the number of persons in the labour force was near 184,700 and the activity rate was 84.1%. The activity rate of men was 88.2% and the activity rate of women was 79.6%.
Employed persons work 43.6 hours per week
In the third quarter of 2008 the average number of working hours of those who were working in the reference week was 43.6 hours. Men worked 47.1 hours and women worked 37.3 hours on average in the reference week. The average number of working hours of those who worked full-time was 47.1 hours per week. Men working full-time worked 49.8 hours on average and women 42.5 hours. The average number of hours of those working part-time was 25.4 hours per week. Men working part-time worked 24.4 hours and women 25.7 hours per week.
In the third quarter of 2007 the average working hours were 43.3 hours. Men worked 47.6 hours and women 37.4 hours on average. Those who worked full-time were 47.1 hours on average and part time 26.0 hours.
| Table 2. Labour market in 3rd quarter | ||||||
| 2005 | 2006 | 2007 | 2008 | 2008 | ||
| 3. Q | 3. Q | 3. Q | 3. Q | Conf.Int. ± | ||
| Activity rate | Percentage | 83,1 | 84,2 | 84,1 | 83,8 | 1,1 |
| Employment rate | Percentage | 81,6 | 82,0 | 82,3 | 81,7 | 1,2 |
| Unemployment rate | Percentage | 1,8 | 2,6 | 2,1 | 2,5 | 0,6 |
| Labour force | Estimated No. | 167.000 | 177.900 | 184.700 | 188.500 | 2.600 |
| Employed | Estimated No. | 164.000 | 173.300 | 180.900 | 183.800 | 2.800 |
| Unemployed | Estimated No. | 2.900 | 4.600 | 3.800 | 4.800 | 1.100 |
| Employed full time | Estimated No. | 132.300 | 140.300 | 145.000 | 151.900 | 2.500 |
| Employed part time | Estimated No. | 31.700 | 33.000 | 35.800 | 31.910 | 2.500 |
| Working hours | Hours | 43,8 | 44,1 | 43,3 | 43,6 | 0,6 |
| Working hours full time | Hours | 48,1 | 47,9 | 47,1 | 47,1 | 0,6 |
| Working hours part time | Hours | 24,7 | 26,6 | 26,0 | 25,4 | 1,4 |
| Inactive | Estimated No. | 34.000 | 33.500 | 35.000 | 36.500 | 2.600 |
| Population | Estimated No. | 201.000 | 211.400 | 219.800 | 225.000 | |
| 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 third quarter of 2008 covers 13 weeks, from 30th of June to 28th of September. The total sample size was 3,928 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 3,846 persons. In total the number of usable answers was 3,116 which corresponds to 81.0% response rate. All figures have been weighted by sex and age groups. The confidence limit of the results on activity rate is ± 1.1%, unemployment rate ± 0.6% and on working time ± 0.6 hour.