Iceland Jobless Rate Surges To 3.9% In December

(RTTNews) - Unemployment rate in Iceland climbed sharply to a three-month high in December after easing in the previous month, figures from Statistics Iceland showed Wednesday.

The seasonally adjusted jobless rate shot up to 3.9 percent in December from 2.7 percent in November, results of the labor force survey revealed. The rate was the highest since September when it was 4.8 percent.

The number of unemployed rose to 9,200 in December from 6,400 in the previous month. In December 2023, the jobless rate was 3.7 percent and there were 8,500 people without jobs.

The youth unemployment rate, which applies to those in the 16-24 age group, also surged in December, rocketing to 13.0 percent from 3.5 percent in November. In the same month of 2023, the rate was 9.1 percent. The number of youth unemployed climbed to 4,900 from 1,200 in the previous month.

Employment rose to 226,900 in December from 226,400 in the previous month and 219,100 a year ago. The employment rate grew to 78.2 percent from 77.5 percent in November. Separately, the statistical office reported that the wage index rose 0.4 percent monthly in December after a 0.3 percent increase in November. The basic wage index also followed a similar trend.

In the last twelve months, the wage index rose 6.4 percent and the basic wage index climbed 6.5 percent, the agency added.