According to the Icelandic Labour Force Survey the number of persons in the labour force in May 2015 was 197,100. Of those in the labour force 183,900 persons were employed and 13,200 persons were unemployed. The activity rate was 84.5%, the employment rate was 78.9% and the unemployment rate was 6.7%. The activity rate and the employment rate stayed almost the same between May 2014 and 2015. At the same time the number of unemployed persons decreased by 700 and the unemployment rate decreased by 0.5 points. Previous measurements show that unemployment in Iceland always peaks in May each year when a large number of young people enter the labour market in search of work. In May 2015 the unemployment rate for 16-24 years old was 15.4% compared to 4.6% amongst those who are 25 and older. In comparison the unemployment rate in May 2014 was 16.7% for 16-24 years old and 5% for 25 and older.
Labour force May 2015
Figures may not add up because of rounding.
Seasonally adjusted unemployment was 4.1% in May
The seasonally adjusted data show that in May 2015 the number of people in the labour force was 193,700 corresponding to 83% activity rate. The number of unemployed persons, in May 2015, amounted to 8,000 and had decreased by 700 since April. The unemployment rate was 4.1% in May compared to 4.5% in April. According to the seasonal adjustment the employment rate was 79.6%. Between April and May, the employment rate increased by 0.9 points and the unemployment rate decreased by 0.4 points. The trend for seasonally adjusted data in the last six months shows that the unemployment rate has decreased by 0.2 percentage points and by 0.7 points for the last 12 months. The employment rate has increased by 0.6 points in the last six months and by 1.2 points in the last 12 months.
Implementation
May 2015 is divided into four weeks, from 4th to 31st of May. The total sample size was 1,213 persons, 16–74 years, randomly chosen from the Population Register. When those who had passed away and those who were living abroad had been deducted from the sample the net sample was 1,183 persons. In total the number of usable answers was 924 corresponding to 78.1% response rate. All figures have been weighted by sex and age groups. The confidence limit of the results on activity rate is ±2.3 point, employment rate is ±2.6 points and unemployment rate is ±1.8 points. Figures may not add up because of rounding.
| Table 1. Labour market in May - Original | ||||||
| CI | CI | CI | ||||
| 2013 | (±95%) | 2014 | (±95%) | 2015 | (±95%) | |
| Total 16-74 years | ||||||
| Activity rate | 83.4 | 2 | 84.9 | 2 | 84.5 | 2,3 |
| Employment rate | 77.2 | 2,3 | 78.8 | 2,3 | 78.9 | 2,6 |
| Unemployment rate | 7.5 | 1,6 | 7.2 | 1,6 | 6.7 | 1,8 |
| Hours of work | 41.2 | 1 | 40.6 | 1,1 | 41.4 | 1,3 |
| Labour force | 188,700 | 4,600 | 193,900 | 4,500 | 197,100 | 5,400 |
| Employed | 174,500 | 5,300 | 180,000 | 5,200 | 183,900 | 6,100 |
| Unemployed | 14,100 | 3,000 | 13,900 | 3,100 | 13,200 | 3,500 |
| Inactive | 37,500 | 4,600 | 34,400 | 4,500 | 36,100 | 5,400 |
| Est. population | 226,100 | • | 228,300 | • | 233,200 | • |
| Table 2. Labour market last 6 months - Seasonal adjustment | ||||||
| Dec-14 | Jan-15 | Feb-15 | Mar-15 | Apr-15 | May-15 | |
| Total 16-74 years | ||||||
| Activity rate | 80.8 | 81.2 | 82.5 | 82.9 | 82.4 | 83.0 |
| Employment rate | 77.3 | 77.9 | 78.7 | 79.7 | 78.7 | 79.6 |
| Unemployment rate | 4.4 | 4.1 | 4.7 | 3.9 | 4.5 | 4.1 |
| Hours of work | 40.0 | 40.2 | 39.8 | 39.9 | 39.9 | 40.1 |
| Labour force | 186,400 | 188,900 | 192,200 | 191,800 | 192,300 | 193,700 |
| Employed | 178,200 | 181,200 | 183,200 | 184,400 | 183,700 | 185,700 |
| Unemployed | 8,200 | 7,700 | 9,000 | 7,400 | 8,700 | 8,000 |
| Inactive | 44,200 | 43,700 | 40,700 | 39,600 | 41,000 | 39,600 |
| Est. population | 230,600 | 232,600 | 232,900 | 231,400 | 233,300 | 233,200 |
| Table 3. Labour market last 6 months - Seasonal adjustment trend | ||||||
| Dec-14 | Jan-15 | Feb-15 | Mar-15 | Apr-15 | May-15 | |
| Total 16-74 years | ||||||
| Activity rate | 82.0 | 82.0 | 82.0 | 82.2 | 82.3 | 82.4 |
| Employment rate | 78.4 | 78.4 | 78.5 | 78.7 | 78.9 | 78.9 |
| Unemployment rate | 4.5 | 4.4 | 4.3 | 4.3 | 4.2 | 4.2 |
| Hours of work | 40.1 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 |
| Labour force | 189,300 | 189,800 | 190,800 | 191,600 | 192,200 | 192,400 |
| Employed | 180,800 | 181,500 | 182,500 | 183,500 | 184,000 | 184,200 |
| Unemployed | 8,500 | 8,300 | 8,200 | 8,200 | 8,200 | 8,200 |
| Inactive | 41,500 | 41,800 | 41,800 | 41,500 | 41,200 | 41,000 |
| Est. population | 230,800 | 231,600 | 232,600 | 233,100 | 233,300 | 233,400 |