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Fast Comment FinlandPositive trend continues in the Finnish labour market

  1. Unemployment rate (S.A.) at 8.4 percent in February
  2. Employment rate surged to 71.1 percent
  3. Employment expectations are high
Unemployment rate (S.A.) 8.4 percent in February
According to Statistics Finland's ILO/EU-compatible Labour Force Survey, the seasonally-adjusted unemployment rate was 8.4 percent in February 2018. In a year-on-year comparison, the unemployment rate decreased by 0.3 percentage points.
Employment rate surged to 71.1 percent
Employment increased by 79,000 people from a year ago and the labour force increased by 70,000 people y-o-y. The number of unemployed decreased by 9,000 people y-o-y in February. The seasonally-adjusted employment rate has increased rapidly from February 2017, by 2.1 percentage points, and stood at 71.1 percent in February 2018. The seasonally-adjusted unemployment rate among young people (aged 15-24) decreased by 1.9 percentage points compared to last year, to 18.3 percent.
Employment expectations are high
The Finnish labour market is continuing on a slowly improving trend. Employment is growing rapidly from the year-ago levels and the employment rate is surging. February's reading of 71.1 percent for the employment rate is the highest in the history of current statistics, first published in 2006. The previous high of 71.0 was recorded in June 2008, just before the financial crisis hit the Finnish economy. Despite the growing employment, the seasonally-adjusted unemployment rate has only decreased moderately. This is due to continued expansion in the labour force as lots of people are returning to the labour market. The positive employment trend is likely to continue. The Finnish economy is expected to grow briskly this year and there is a need for new employees in many sectors. Company surveys reveal that employment expectations are very high in industrial, construction and retail trade sectors. In addition, the Finnish government's measures to promote employment are having an impact and the government’s employment target of 72 percent by April 2019 looks achievable.

 



Disclaimer

Janne Ronkanen

Senior Economist

Finland

jaro06@handelsbanken.se

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