In August, more than 371,000 people were registered as unemployed with the Employment Service and unemployment was thus at 7 percent compared to last year's 6.8 percent. Among the few bright spots, there are fewer notices of termination. In August, about 2,500 people were given notice compared to 4,100 last year. But Eva Samakovlis says that one should be careful not to read too much into the figures.
It is a single indication and only for one month, so it is too early to say that it is turning.
More in jobs
For the ninth month in a row, more people registered with the Employment Service are getting jobs.
It is positive that more people are going to work, but one component in this is that the stock of unemployed is higher this year compared to August last year, so it becomes natural that more people are going to work, says Eva Samakovlis.
Many of those who leave the Employment Service are people who were previously considered strong on the labor market.
The majority of those who leave the Employment Service and go to work are those who have a upper secondary education or more.
Slow recovery
Youth unemployment is unchanged at 8.4 percent compared to last year. A total of 45,000 young people between the ages of 18 and 24 are registered with the Employment Service.
Usually when you see that you are entering a low cycle, it is the young people who have not yet gained a firm foothold in the labor market who lose their jobs first. Then, as soon as the economy gains momentum, it is also they who get jobs quickly, especially those who have a upper secondary diploma.
The Employment Service's prognosis is that the economy will slowly recover during the autumn, but that it will not have an impact on the labor market until next year. They predict that unemployment will continue to be higher at the end of 2026 than before the low cycle.
We see ahead of us a slower recovery, compared to previous low cycles.
