Unemployment rate 4%
The number of persons in the labour force in the 3rd quarter of 2014 was 190,400 which corresponds to an activity rate of 82.4%. The number of employed persons was 182,800 and unemployed persons were 7,700. The employment rate was 79.1% and the unemployment rate was 4%. From the 3rd quarter of 2013 the number of employed persons has increased by 2,600 but the employment rate is constant. At the same time number of unemployed persons fell by 600 and the unemployment rate decreased by 0.4 points. The unemployment rate among females was 4.1% and 3.5% among males. The average number of working hours of those who were working in the reference week was 41.1 hours, 45.3 hours for those in full-time employment and 24.3 hours for those in part-time employment.
Long-term unemployment
In the last year number of long term unemployed has decreased. Those who have been unemployed for 12 months or more in 3rd quarter of 2014 were 900 or 0.5% of the labour force. In the 3rd quarter of 2013 long term unemployment persons were 1,900 or 1% of the labour force. This is the lowest measurement of long term unemployment since the 3rd quarter of 2009, when it was 0.5%.
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. Students who are not employed and fulfil this criteria are considered unemployed. 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.
| Labour market in 3rdquarter | |||||
| 2011 | 2012 | 2013 | 2014 | ||
| 3rd Q | 3rd Q | 3rd Q | 3rd Q | Conf.Int. ± | |
| Activity rate | 81.1 | 81.3 | 82.7 | 82.4 | 1.2 |
| Employment rate | 76.3 | 77.2 | 79.1 | 79.1 | 1.3 |
| Unemployment rate | 5.9 | 5.0 | 4.4 | 4.0 | 0.8 |
| Labour force, est. number | 182,600 | 181,800 | 188,500 | 190,400 | 2,800 |
| Employed, est. number | 171,900 | 172,700 | 180,200 | 182,800 | 3,000 |
| Unemployed, est. number | 10,700 | 9,100 | 8,300 | 7,700 | 1,500 |
| Employed full time, est. number | 134,500 | 135,600 | 144,000 | 145,200 | 2,800 |
| Employed part time, est. number | 37,300 | 37,100 | 36,200 | 37,500 | 2,800 |
| Working hours | 41.1 | 40.9 | 41.8 | 41.1 | 0.7 |
| Working hours full time | 45.7 | 45.3 | 45.9 | 45.3 | 0.7 |
| Working hours part time | 24.5 | 24.1 | 24.5 | 24.3 | 1.3 |
| Inactive, est. number | 42,600 | 41,800 | 39,300 | 40,800 | 2,800 |
| Population , est. number | 225,200 | 223,700 | 227,800 | 231,200 | • |
| 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 3rd quarter of 2014 covers 13 weeks, from 30th of June to 28th of September. The total sample size was 3,938 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 3,859 persons. In total the number of usable answers was 3,026 which correspond to 78.4% response rate. All figures have been weighted by sex and age groups. The confidence limit of the results on activity rate is ±1.2%, employment rate is ±1.3%, unemployment rate is ±0.8% and working hours is ±0.7 hours.
Labour force survey, 3rd quarter 2014 - Statistical Series
Statistics