According to the Icelandic Labour Force Survey the number of persons in the labour force in February 2017 was 199,300. Of those in the labour force 192,900 persons were employed and 6,500 persons were unemployed. The activity rate was 82.8%, the employment rate was 80.1% and the unemployment rate was 3.2%. Comparison between February 2016 and 2017 shows increase in activity by 0.7 percentage points of the total population. Number of employed increased by 7,800 persons and the employment rate increased up by 0.5 points. Number of unemployed decreased by 600 persons bu the unemployment rate was nearly the same.

Figure 1. Labour force February 2017


Figures may not add up because of rounding.

Seasonally adjusted unemployment was 3.1% in February
The changes in the Icelandic labour market display a certain pattern as regards seasonality, as can be seen in the figures below. The seasonal adjustment estimates that in February 2017 the number of people in the labour force was 200,300, corresponding to 83.4% activity rate which is 0.7 percentage points higher than in January 2017. The number of unemployed persons, in February 2017, is estimated around 6,300 and decreased by 800 since January. The unemployment rate was 3.1% in February compared to 3.5% in January. According to the seasonal adjustment the employment rate was 80.8% in February. The trend for seasonally adjusted data in the last six months shows that the unemployment rate has stayed the same, but in the last 12 months it has decreased by 0.2 points. The employment rate has decreased by 0.2 points in the last six months but increased by 0.6 points in the last 12 months.


Implementation
February 2017 is divided into four weeks, from 30th of January to 26th of February 2017. The total sample size was 1,202 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 1,162 persons. In total the number of usable answers was 816 which correspond to 70.2% response rate. All figures have been weighted by sex and age groups. The confidence limit of the results on activity rate is ±2.5 points, employment rate is ±2.7 points and unemployment rate is ±1.4 points. Figures may not add up because of rounding. All numbers for the first two months in every quarter of the year are preliminary until the end of the quarter.

Table 1. Labour market in February - Original
    CI   CI   CI
  2015 (±95%) 2016 (±95%) 2017 (±95%)
Total 16-74 years            
Activity rate 80.8 2.5 82.1 2.5 82.8 2.5
Employment rate 77.2 2.7 79.6 2.6 80.1 2.7
Unemployment rate 4.5 1.5 3.1 1.3 3.2 1.4
Hours of work 39.7 1.3 39.9 1.3 39.2 1.4
Labour force 186,900 5,700 190,900 5,800 199,300 6,100
Employed 178,500 6,200 185,100 6,200 192,900 6,500
Unemployed 8,400 2,900 5,900 2,600 6,500 2,800
Inactive 44,400 5,700 41,700 5,800 41,500 6,100
Est. population 231,300 232,600 240,800
Table 2. Labour market last 6 months - Seasonal adjustment
  Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17
Total 16-74 years            
Activity rate 84.1 83.2 84.5 84.0 82.7 83.4
Employment rate 81.2 80.8 82.1 81.6 79.8 80.8
Unemployment rate 3.4 2.9 2.8 2.8 3.5 3.1
Hours of work 40.4 40.0 40.1 40.1 40.5 39.9
Labour force 198,900 197,800 200,000 199,000 199,800 200,300
Employed 192,100 192,100 194,400 193,400 192,700 194,000
Unemployed 6,800 5,700 5,700 5,600 7,100 6,300
Inactive 37,600 39,800 36,700 38,000 41,800 39,800
Est. population 236,400 237,600 236,800 237,000 241,500 240,100
Table 3. Labour market last 6 months - Seasonal adjustment trend
  Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17
Total 16-74 years            
Activity rate 83.7 83.7 83.6 83.5 83.4 83.4
Employment rate 81.2 81.2 81.1 81.0 80.9 80.9
Unemployment rate 3.0 3.0 3.0 3.0 2.9 2.9
Hours of work 40.1 40.1 40.1 40.1 40.1 40.1
Labour force 197,900 198,500 198,900 199,000 199,000 199,200
Employed 191,900 192,500 193,000 193,100 193,100 193,400
Unemployed 6,000 6,000 5,900 5,900 5,900 5,800
Inactive 38,500 38,600 38,900 39,400 39,700 39,700
Est. population 236,400 237,100 237,900 238,400 238,700 239,000

Statistics