Unemployment rate 4%
In the fourth quarter of 2008, 7,400 persons were unemployed and in search of a job or 4% of the labour force. The unemployment rate was 5.1% for men and 2.9% for women. The unemployment rate was highest amongst persons aged 16-24 years old, or 10.8%.
In the fourth quarter of 2007 the unemployment rate was 1.9%, The unemployment rate was 2.1% for men and 1.8% for women. The unemployment rate was highest amongst young people aged 16-24 years old, or 6.2%.
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.
The number of employed persons decreased by 1,300 and the activity rate was 81.5%
The number of employed persons in the fourth quarter of 2008 was 175,000 and had decreased by 1,200 since the same quarter one year earlier. The number of persons in the labour force was 182,400, which corresponds to activity rate of 81.5%. The activity rate of men was 85.3% and the activity rate of women was 77.4%. The labour force is considered to consist of employed and unemployed persons. 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.
In the fourth quarter of 2007 the number of persons in the labour force was 179,800 and the activity rate was 81.7%. The activity rate of men was 86.7% and the activity rate of women was 76.4%.
Employed persons work 39.3 hours per week
In the fourth quarter of 2008 the average number of working hours of those who were working in the reference week was 39.3 hours. Men worked 43.8 hours and women worked 34.2 hours on average in the reference week. The average number of working hours of those who worked full-time was 45 hours per week and 21.7 hours for those working part-time.
In the fourth quarter of 2007 the average working hours were 40.8 hours. Men worked 45.5 hours and women 35 hours on average.
| Labour market in 4th quarter | ||||||
| 2005 | 2006 | 2007 | 2008 | |||
| 4. Q | 4. Q | 4. Q | 4. Q | Conf.Int. ± | ||
| Activity rate | Percentage | 81,3 | 82,1 | 81,7 | 81,5 | 1,2 |
| Employment rate | Percentage | 79,1 | 80,0 | 80,1 | 78,2 | 1,3 |
| Unemployment rate | Percentage | 2,7 | 2,5 | 1,9 | 4,0 | 0,8 |
| Labour force | Estimated No. | 165.900 | 174.300 | 179.800 | 182.400 | 2.200 |
| Employed | Estimated No. | 161.500 | 169.900 | 176.300 | 175.000 | 2.300 |
| Unemployed | Estimated No. | 4.400 | 4.300 | 3.500 | 7.400 | 100 |
| Employed full time | Estimated No. | 119.000 | 129.400 | 135.100 | 130.900 | 2.000 |
| Employed part time | Estimated No. | 42.400 | 40.600 | 41.200 | 44.100 | 700 |
| Working hours | Hours | 41,6 | 42,3 | 40,8 | 39,3 | 0,6 |
| Working hours full time | Hours | 47,6 | 47,8 | 46,2 | 45,0 | 0,6 |
| Working hours part time | Hours | 23,9 | 23,7 | 22,8 | 21,7 | 0,9 |
| Inactive | Estimated No. | 38.100 | 38.100 | 40.200 | 41.400 | 500 |
| Population | Estimated No. | 204.000 | 212.300 | 220.000 | 223.800 | |
| 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 fourth quarter of 2008 covers 13 weeks, from 29th of September to 28th of December. The total sample size was 3,894 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 3,795 persons. In total the number of usable answers was 3,104 which corresponds to 81.8% response rate. All figures have been weighted by sex and age groups. The confidence limit of the results on activity rate is ± 1.2%, unemployment rate is ± 0.8% and working hours is ± 0.6 hours.
Labour market statistics, 4th quarter 2008 - Statistical Series