District Court Reykjavik Iceland

Iceland: Unemployment down and wage index up

Iceland: Unemployment down and wage index upThe unemployment rate in Iceland in September was 4.1 per cent, a year-on-year drop of 1.1 per cent, while the wage index showed a month-on-month rise of 0.7 per cent, according to Statistics Iceland.

The survey revealed that the number of people classed as part of the labour force market, including 7,500 unemployed people, in September stood at 183,200. The activity rate during the month was 79.2 per cent, while the employment rate stood at 78.9 per cent and the unemployment rate at 4.1 per cent. Among 16 to 24-year-olds, the unemployment rate was 9.4 per cent, compared to 3.2 per cent among the 25+ age group.

Seasonally-adjusted data revealed that there were 9,000 unemployed people in September compared to 8,000 in August, while the unemployment rate fell from 5.3 per cent in August to 4.8 per cent in September.

Meanwhile, Statistics Iceland data showed that the wage index for the month was 490.6, up from 487.4 in August. Over the past year, the index has risen by 6.2 per cent.

The real wage index for September was 119.1, up by 0.8 per cent from August. Over the past 12 months, this index has gone up by 4.3 per cent.