According to the Icelandic Labour Force Survey the number of persons in the labour force in July 2014 was 195,500. Of those in the labour force 189,200 persons were employed and 6,400 persons were unemployed. The activity rate was 84.9%, the employment rate was 82.1% and the unemployment rate was 3.3%. Comparison between July 2013 and 2014 shows an increase by 0.9 percentage points in the activity rate and by 1.1 point in the employment rate. At the same time the unemployment rate has decreased by 0.4 points.

In July 2014 the unemployment rate of 16-24 years old was 4.6% compared to 3% amongst those who are 25 and older.

Figure 1. Labour force in July 2014

Figures in July do not add up because of rounding.

Seasonally adjusted unemployment was 4.4% in July 2014
The seasonally adjusted data shows that in July 2014 the number of people in the labour force was 187,200 or 82.2% activity rate. The number of unemployed persons amounted to 8,300 and decreased by 900 from June. The unemployment rate was 4.4 % in July compared to 5.2% in June. According to the seasonal adjustment the number of employed persons in July was 179,000 compared to 178,400 in June. According to the seasonal adjusted data unemployment rate between May and June decreased by 0.7 percentage points and employment rate increased by 0.4 points.

The trend lines for the seasonally adjusted data for the last six months still shows a slight decrease in unemployment and there is a slow increase in both number and rate of employment. There is also a decrease in number of people who are inactive.

Implementation
June 2014 is divided into four weeks, from 30th of June to 3rd of August. The total sample size was 1,524 persons, 16–74 years, randomly chosen from the Population Register. When those who had passed away or those who were living abroad had been deducted from the sample the net sample was 1,500 persons. In total the number of usable answers was 1,153 which corresponds to 76.9% response rate. All figures have been weighted by sex and age groups. The confidence limit of the results on activity rate is ±2 points, employment rate is ±2.1% and unemployment rate is ±1.1%. Figures may not add up because of rounding.

Table 1. Labour market in July - Original
CI CI CI
  2012 (±95%) 2013 (±95%) 2014 (±95%)
Total 16-74 years
Activity rate 84.3 2,3 84.0 2,3 84.9 2
Employment rate 80.5 2,5 81.0 2,4 82.1 2,1
Unemployment rate 4.4 1,4 3.6 1,3 3.3 1,1
Hours of work 43.3 1,4 43.3 1,4 41.9 1,2
Labour force 188,400 5,100 191,100 5,100 195,500 4,500
Employed 180,100 5,500 184,100 5,500 189,200 4,900
Unemployed 8,400 2,600 6,900 2,500 6,400 2,200
Inactive 35,200 5,100 36,400 5,100 34,800 4,500
Est. population 223,600 227,400 230,400

Table 2. Labour market last 6 months - Seasonal adjustment
  Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14
Total 16-74 years
Activity rate 80.1 81.1 80.0 82.5 82.5 82.2
Employment rate 76.6 76.5 75.9 78.5 78.2 78.6
Unemployment rate 4.4 5.7 5.1 4.9 5.2 4.4
Hours of work 39.7 39.9 40.0 39.7 40.0 39.5
Labour force 184,000 186,900 183,400 188,000 188,100 187,200
Employed 175,800 176,200 174,000 178,800 178,400 179,000
Unemployed 8,200 10,600 9,400 9,200 9,700 8,300
Inactive 45,600 43,500 45,700 39,800 39,900 40,500
Est. population 229,500 230,300 229,200 227,800 228,000 227,700

Table 3. Labour market last 6 months - Seasonal adjustment trend
  Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14
Total 16-74 years
Activity rate 80.9 81.0 81.3 81.7 81.9 82.0
Employment rate 76.6 76.8 77.2 77.6 77.8 78.0
Unemployment rate 5.3 5.2 5.1 5.0 5.0 4.9
Hours of work 39.8 39.8 39.8 39.8 39.8 39.8
Labour force 185,100 185,400 186,100 187,100 188,000 188,600
Employed 175,400 175,700 176,500 177,700 178,600 179,200
Unemployed 9,800 9,700 9,500 9,400 9,400 9,300
Inactive 43,800 43,500 42,700 42,000 41,500 41,300
Est. population 229,000 228,900 228,800 229,000 229,500 229,900

Statistics