News
Wednesday - 20 June 2012
No. 116/2012
Labour force survey, May 2012
Unemployment 8.5%
The number of persons in the labour force in May 2012 was 186,500 which correspond to an activity rate of 83.1%. The number of employed persons was 170,600 and unemployed persons were 15,900. The employment rate was 76% and the unemployment rate was 8.5%. The unemployment rate has decreased by 2.5 percentage points from May 2011 when it was 11%.
Unemployment in Iceland always peaks in May each year when a large number of young people enters the labour market in search of work. In May 2012 the unemployment rate of 16-24 years old was 24.3% compared to 4.8% amongst those who are 25 and older.
The number of employed persons has increased by 5,100 since May 2011 when 165,500 where employed or 74% of the population.
Figure 1. Labour force April 2012
Seasonally adjusted unemployment 4.9%
Seasonally adjusted unemployment trend for the last 12 months shows a decrease in unemployment by 1.4 points. The seasonally adjusted data shows that in May 2012 unemployed persons aged 16-74 amounted to 8,800 or 4.9% compared to 12,000 in April 2012 or 6.6%. The number of seasonally adjusted employed persons in May was 170,700 or 76.9% compared to 168,600 or 75% in April 2012. Seasonally adjusted average actual working hours in May 2012 were 39.5 hours per week, the same number of hours as in the preceding month.
Implementation
Since 2003 Statistics Iceland has conducted a continuous LFS with quarterly results and the total sample size is around 3,800 individuals in each quarter and the response rate between 80% and 85%. The sampling frame for each LFS is drawn from all Icelandic and foreign citizens in the National Registry who are 16–74 years of age and domiciled in Iceland. Every quarter is divided into three months or thirteen weeks. Two months count for four weeks and one for five weeks. May 2012 is five weeks, from the 30th of April to 3rd of June. The total sample size for May 2012 was 1,496 persons. When those who had passed away or those who were living abroad had been deducted from the sample the net sample was 1,458 persons. In total the number of usable answers was 1,095 which correspond to 82% response rate. All figures have been weighted by sex and age groups. The confidence limit of the results on activity rate is ±2.1%, unemployment rate is ±1.7% and working hours is ±1.2 hours. Figure may not add up because of rounding.
| Table 1. Labour market in May - Orginal | ||||||
| 2010 | 2011 | 2012 | ||||
| Total 16-74 years | ||||||
| Activity rate | 82.6 | ±2.4 | 83.1 | ±2.3 | 83.1 | ±2.1 |
| Employment rate | 72.8 | ±2.9 | 74.0 | ±2.8 | 76.0 | ±2.4 |
| Unemployment rate | 11.9 | ±2.4 | 11.0 | ±2.2 | 8.5 | ±1.7 |
| Hours of work | 41.8 | ±1.3 | 42.3 | ±1.3 | 40.8 | ±1.2 |
| Labour force | 183,700 | ±5400 | 186,000 | ±5100 | 186,500 | ±4700 |
| Employed | 161,900 | ±6400 | 165,500 | ±6100 | 170,600 | ±5400 |
| Unemployed | 21,800 | ±4300 | 20,500 | ±4100 | 15,900 | ±3300 |
| Inactive | 38,800 | ±5400 | 37,700 | ±5100 | 37,900 | ±4700 |
| Est. population | 222,500 | • | 223,700 | • | 224,400 | • |
| Table 2. Labour market last 6 months - Seasonal adjustement | ||||||
| Dec-11 | Jan-12 | Feb-12 | Mar-12 | Apr-12 | May-12 | |
| Total 16-74 years | ||||||
| Activity rate | 79.6 | 80.0 | 79.8 | 80.7 | 80.4 | 80.8 |
| Employment rate | 74.8 | 74.9 | 74.2 | 74.8 | 75.0 | 76.9 |
| Unemployment rate | 6.1 | 6.5 | 7.0 | 7.3 | 6.6 | 4.9 |
| Hours of work | 40.1 | 40.4 | 40.0 | 40.2 | 39.5 | 39.5 |
| Labour force | 178,200 | 180,900 | 179,300 | 181,000 | 180,600 | 179,500 |
| Employed | 167,400 | 169,200 | 166,800 | 167,700 | 168,600 | 170,700 |
| Unemployed | 10,800 | 11,700 | 12,500 | 13,300 | 12,000 | 8,800 |
| Inactive | 45,700 | 45,200 | 45,400 | 43,300 | 44,100 | 42,600 |
| Est. population | 223,900 | 226,000 | 224,700 | 224,300 | 224,700 | 222,100 |
| Table 3. Labour market last 6 months - Seasonal adjustement trend | ||||||
| Dec-11 | Jan-12 | Feb-12 | Mar-12 | Apr-12 | May-12 | |
| Total 16-74 years | ||||||
| Activity rate | 79.7 | 79.7 | 79.9 | 80.1 | 80.4 | 80.7 |
| Employment rate | 74.2 | 74.4 | 74.6 | 75.0 | 75.5 | 75.8 |
| Unemployment rate | 6.8 | 6.7 | 6.5 | 6.4 | 6.2 | 6.0 |
| Hours of work | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 |
| Labour force | 178,600 | 178,500 | 178,700 | 179,300 | 180,100 | 180,600 |
| Employed | 166,400 | 166,500 | 167,000 | 167,900 | 168,900 | 169,700 |
| Unemployed | 12,100 | 11,900 | 11,700 | 11,400 | 11,100 | 10,900 |
| Inactive | 45,600 | 45,400 | 45,100 | 44,500 | 43,800 | 43,200 |
| Est. population | 224,100 | 223,900 | 223,800 | 223,800 | 223,900 | 223,800 |
Statistics