The employment rate rose in January from last year

The employment rate rose in January from last year

The change was influenced by the fact that 20-64 year olds are the main age group in the labor market.

“The development of the employment rate has been very similar in both age groups throughout the year. It’s mostly about the difference in level: the employment rate of those aged 20-64 is always higher than that of those aged 15-64,” says a senior statistician Elina Pelkonen.

“What is essential about the change that has been made now is that we have increased the information content by starting to produce the trend of the employment rate not only for the 15-64-year-olds but also for the 20-64 and 20-69-year-olds. There is now more choice in the information,” Pelkonen continues.

There were 2,558,000 employed people aged 15-74 in January 2023 (margin of error ±34,000), which was 25,000 more than a year ago.

There were 211,000 unemployed people aged 15-74 in January, which was 6,000 more than a year ago. There were 110,000 unemployed men and 101,000 women in the same age group. The unemployment rate, which describes the share of the unemployed in the labor force, was 7.6%, compared to 7.5% last year.

“We traditionally report the unemployment rate for 15-74-year-olds both here and elsewhere. So we are not changing this age group. The unemployment rate for 15-24-year-olds is often analyzed separately. Youth unemployment has decreased significantly recently. There are hardly any unemployed people over 64,” says a senior statistician Pertti Taskinen.

In summary, it can be stated that according to the Labor Force Survey, the employment rate of people aged 20–64 increased in January from last year, the employment rate of men was higher and the employment rate of women was lower. The study has also added a new age group to the employment rate analysis, which provides more information to users. Although the number of unemployed people has slightly increased since last year, the youth unemployment rate has decreased significantly.


Source: The Nordic Page




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