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Unemployment down in October

New figures from Statistics Finland reveal that 43,000 more people had a job in October 2018 than one year earlier.

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Image: Tiina Jutila / Yle

Statistics Finland reports that there were 171,000 unemployed people in October 2018, 26,000 fewer than one year ago. The agency calculates that this puts the unemployment rate trend at 7.2 percent and the employment rate at 71.8 percent, when adjusted for seasonal and random variation.

These latest employment numbers for people aged 15 to 64 who are active in the job market are just shy of the government's 72 percent target, a percentage it set as an objective upon taking office over three years ago, when the employment rate trend was at 67.9 percent.

In total, there were 14,000 more employed men and 29,000 more employed women last month than in October 2017, the agency reports.

Among the 617,000 young people aged 15 to 24 in Finland, the proportion of unemployed among the labour force stood at 14.7 percent, or 2.4 percentage points higher than one year previously. This puts the trend of the unemployment rate among young people in Finland at over double that of the population in total, at 17.5 percent.

The agency also reports that in October of this year, there were 1,419,000 persons in the inactive population - people not employed or unemployed - or 10,000 fewer than one year earlier.

The Ministry of Employment's figures showed a 42,000 drop in unemployment to 230,000. The ministry's figures are based on the number of people registered as seeking work at employment offices, while the Statistics Finland number is based on the agency's Labour Force Survey which asks a sample of people if they are in work that week.

The Statistics Finland methodology meets standards laid down by the EU and ILO and is therefore the number used in international comparisons. 

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