Unemployment on the up in Iceland

Unemployment on the up in Iceland

Iceland’s unemployment rate increased to 4.6 per cent in February, marking a slight year-on-year rise of 0.2 per cent, according to data published by Statistics Iceland.

The survey revealed that there were a total of 188,100 people in the workforce market in February, of which 8,600 were unemployed.

Seasonally-adjusted data, meanwhile, showed that there were 9,100 unemployed people in February, a rise of 1,300 from January. The jobless rate in February stood at 4.7 per cent, in comparison with 4.1 per cent the previous month.

When looking at the seasonally-adjusted data for the past six months, however, the unemployment rate has seen a marginal decrease, while the employment rate has recorded a slight increase.

Seasonal adjustment is a method used by statisticians when they don’t want to take the seasonal component into account when analysing non-seasonal patterns.

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