The seasonally adjusted unemployment rate in June 2022 was 4.0% according to results from the Icelandic Labour Force Survey. The seasonally adjusted activity rate was 79.8% and the seasonally adjusted employment rate 76.6%. The seasonally adjusted unemployment rate increased by 0.5 percentage points between months while the seasonally adjusted employment rate decreased by 1.4 percentage points. The seasonally adjusted trend of unemployment has decreased by 0.7 percentage points over the past six months while the trend of the employment rate has increased by 0.4 percentage points.
Based on unadjusted measures from the Labour Force Survey, there were 224,300 (±6,400) individuals aged 16-74 years old active on the labour market in June 2022, which is equivalent to 82.9% (±2.4) activity rate. Of the labour force, 216,800 (±5,400) were employed and 7,500 (±2,800) unemployed and looking for work. The employment rate was estimated to be 80.1% (±2.5) and the unemployment rate 3.3% (±1.3). Compared with June 2021 the employment rate has increased by 1.7 percentage points between years and the unemployment rate decreased by 1.4 percentage points.
It is estimated that 17,600 individuals had unmet need for employment (labour market slack) in June 2022 which corresponds to 7.7% of the labour force and potential labour force. Comparison with June 2021 shows that the labour market slack has decreased by two percentage points between years. The seasonally adjusted trend of labour market slack has decreased by 1.3 percentage points over the past six months.
Please note that the sum of sub-items might be inconsistent with the overall results due to rounding.
About the data
The Icelandic Labour Force Survey for June 2022 covers five weeks, from 29 May through 2 July. The sample consisted of 1,912 individuals 16-74 years old with legal residence in Iceland. Excluding those from the sample who were living abroad or deceased, the net sample consisted of 1,880 individuals. Usable answers were obtained from 1,046 individuals which corresponds to a 55.6% response rate.