Unemployment rate 4.5%

The number of persons in the labour force in the 4th quarter of 2013 was 184,600 which corresponds to an activity rate of 80.7%. The number of employed persons was 176,200 and unemployed persons were 8,400. The employment rate was 77% and the unemployment rate was 4.5%. From the 4th quarter of 2012 the number of employed persons has increased by 7,800 and the number of unemployed persons was the same. The unemployment rate among females was 4.4% and 4.6% among males. The average number of working hours of those who were working in the reference week was 38.9 hours, 44.9 hours for those in full-time employment and 21.8 hours for those in part-time employment.


 

Long-term unemployment
For the last five quarters number of long term unemployed has slowly decreased. Those who have been unemployed for 12 months or more in 4th quarter of 2013 were 2,000 or 1.1% of the labour force. In the 4th quarter of 2012 long term unemployment persons were 2,500 or 1.4% of the labour force.
 

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 4th quarter
  2010 2011 2012 2013
  4th Q 4th Q 4th Q 4th Q Conf.Int. ±
Activity rate 80.0 78.5 78.7 80.7 1.2
Employment rate 74.1 73.8 75.0 77.0 1.3
Unemployment rate 7.4 6.0 4.7 4.5 0.8
Labour force, est. number 179,100 176,000 176,800 184,600 2,800
Employed, est. number 165,900 165,400 168,400 176,200 3,100
Unemployed, est. number 13,200 10,600 8,400 8,400 1,500
Employed full time, est. number 118,000 123,700 126,800 129,300 2,700
Employed part time, est. number 47,800 41,600 41,600 46,900 2,700
Working hours 38.3 39.2 38.7 38.9 0.7
Working hours full time 44.4 44.6 44.2 44.9 0.7
Working hours part time 22.6 22.7 21.7 21.8 1.0
Inactive, est. number 44,800 48,100 47,800 44,200 2,800
Population , est. number 223,900 224,100 224,600 228,800
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 4th quarter of 2013 covers 13 weeks, from 30th of September to 29th of December 2013. 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 3,831 persons. In total the number of usable answers was 3,082 which correspond to 80.4% 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% and unemployment rate is ±0.8%.

Labour market statistics, 4th quarter 2013 - Statistical Series

Statistics