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Fast Comment FinlandLabour market improvement continues more rapidly than expected

  1. Unemployment rate (S.A.) decreased to 7.6 percent in May
  2. Employment increased by 90,000 people y-o-y
  3. A positive surprise with strong employment gains
Unemployment rate (SA) decreased to 7.6 percent in May
According to Statistics Finland's ILO/EU-compatible Labour Force Survey, the seasonally-adjusted unemployment rate declined to 7.6 percent in May 2018. In a year-on-year comparison, the unemployment rate decreased by 1.1 percentage points.
Employment increased by 90,000 people y-o-y
Employment has improved significantly over the past year. In May, employment increased by 90,000 people from a year ago, while the number of unemployed decreased by 35,000 people y-o-y. The seasonally-adjusted employment rate took another leap to 71.4 percent. The seasonally-adjusted unemployment rate among young people (aged 15-24) decreased by 2.7 percentage points compared to last year, to 17.4 percent.
A positive surprise with strong employment gains
The Finnish labour market continues its rapid improvement. The May statistics released today were a positive surprise with 90,000 new employed persons in a year and the seasonally-adjusted unemployment rate dropping to 7.6 percent, which is the lowest level in over six years. In addition, the unemployment rate among young people fell to the lowest since January 2009. The Finnish economy lagged behind European peers in the current global economic recovery, and a similar delayed development can surely be seen in the recovery of the Finnish labour market. With the latest decline, the unemployment rate in Finland is once again well below the eurozone average. The favourable labour market conditions are expected to continue in the near future, although recruitment difficulties might somewhat restrict the improvement. Still, the Finnish government's employment rate target of 72 percent by April 2019 looks now to be very achievable.

 



Disclaimer

Janne Ronkanen

Senior Economist

Finland

jaro06@handelsbanken.se

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