The unemployment rate in November 2022 was 4.6% according to seasonally adjusted figures from the Icelandic Labour Force Survey. The seasonally adjusted activity rate was 81.6% and the employment rate 77.9%. The seasonally adjusted unemployment rate increased by 1.7 percentage points between months and the seasonally adjusted employment rate increased by 0.3 percentage points. The trend of the seasonally adjusted unemployment rate increased by 0.1 percentage points over the past six months while the trend of the employment rate increased by 0.4 percentage points.
Based on seasonally unadjusted figures from the Labour Force Survey, 224,200 (±7,100) individuals 16-74 years old were active on the Icelandic labour market in November 2022, which is equivalent to an 81.2% (±2.3) activity rate. Of the labour force, 215,100 (±6,100) were employed and 9,100 (±3,500) unemployed and looking for a job. The employment rate was estimated to be 77.9% (±2.8) and the unemployment rate 4.1% (±1.6). Compared with November 2021, the unemployment rate increased by 0.7 percentage points between years and the employment rate increased by 1.9 percentage points.
Around 25,100 individuals had unmet need for employment (i.e. labour market slack) in November 2022 which corresponds to 10.8% of the labour force and potential labour force. Labour market slack has decreased by 1.2 percentage points between years when compared with November 2021. The seasonally adjusted trend of labour market slack has decreased by 0.2 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 November 2022 covers four weeks, from October 31 until November 27. The sample consisted of 1,540 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 1,502 individuals. Usable answers were obtained from 899 individuals which corresponds to a 58.7% response rate.