Number of employed persons decreased and unemployment grew in October 2023 from one year agorelease | Labour force survey 2023, October
According to Statistics Finland’s labour force survey, the number of employed people aged 15 to 74 was 31,000 lower in October 2023 than one year ago. The number of unemployed persons was 28,000 higher in October than a year earlier. The trend of the employment rate among persons aged 20 to 64 was 78.0 per cent. The trend of the unemployment rate among persons aged 15 to 74 was 7.5 per cent.
- In October 2023, the number of employed persons was 2,605,000 and that of unemployed persons 190,000.
- The number of employed men was 27,000 lower and that of employed women 4,000 lower than in October 2022.
- The trend of the employment rate among persons aged 20 to 64 was 78.0 per cent in October.
- The trend of the employment rate among persons aged 15 to 64 was 73.6 per cent in in October.
- The trend of the unemployment rate among persons aged 15 to 74 was 7.5 per cent in in October.
Employment rate fell from one year ago
In October 2023, the number of employed aged 15 to 74 was 2,605,000 (margin of error ±30,000), which was 31,000 fewer than a year earlier. There were 27,000 fewer employed men and 4,000 fewer employed women than in October last year.
In October, the employment rate of persons aged 20 to 64, that is, the proportion of the employed among persons aged 20 to 64, stood at 77.4 per cent, having been 78.9 per cent in this age group one year earlier. The employment rate of men aged 20 to 64 fell by 1.9 percentage points to 78.2 per cent and that of women fell by 1.3 percentage points to 76.5 per cent compared to one year ago.
The employment rate of persons aged 20 to 69 fell by 1.2 percentage points from last year's October to 71.7 per cent.
Unemployment rate rose for both men and women
According to Statistics Finland's Labour Force Survey, there were 190,000 unemployed (margin of error ±20,000) aged 15 to 74 in October 2023, which was 28,000 more than one year earlier. The number of unemployed men was 101,000 and that of unemployed women 89,000.
In October, the unemployment rate of persons aged 15 to 74, that is, the proportion of the unemployed among the labour force, stood at 6.8 per cent, which was 1.0 percentage points higher than one year previously. Men's unemployment rate was 6.9 per cent and women's 6.6 per cent, which were both 1.0 percentage points higher than one year before.
In October, the unemployment rate of people aged 15 to 24 stood at 16.7 per cent, which was 6.9 percentage points more than one year ago. The trend of the unemployment rate among young people was 17.6 per cent. The share of unemployed young people aged 15 to 24 among the population in the same age group was 7.7 per cent.
Key indicators of the Labour Force Survey in October 2022 and 2023
|2022/10, %||2023/10, %||Change, 2022/10 - 2023/10, percentage points|
|Employment rate, persons aged 20-64||78,9||77,4||-1,6|
|Unemployment rate, persons aged 15-74||5,8||6,8||1,0|
|Activity rate, persons aged 15-74||67,9||67,6||-0,4|
Number of people in the inactive population grew
There were 1,343,000 persons aged 15 to 74 in the inactive population in October 2023, which was 21,000 more than one year earlier.
Population aged 15 to 74 by labour force status in October 2022 and 2023
|2022/10, 1000 persons||2023/10, 1000 persons||Change, 2022/10 - 2023/10, 1000 persons||Change, 2022/10 - 2023/10, %|
|Population total||4 120||4 138||18||0,4|
|Active population total||2 798||2 795||-3||-0,1|
|- employed||2 636||2 605||-31||-1,2|
|Inactive population||1 322||1 343||21||1,6|
Seasonally adjusted trend
Employment and unemployment vary quite considerably by month and the change from the observation of the previous month mainly describes the seasonal aspect rather than the trend in development. Thus, the latest statistical data are compared to the corresponding period of the year before. By contrast, the figures of the trend series that are adjusted for seasonal and random variation are mutually comparable and phenomena associated with long-term development and cyclical changes are thus more easily observable from the trend of the time series.
The trend usually changes somewhat when the data of the following month are included in the time series. Therefore, only the last published time series should be used when using the trend figures. The preliminary nature of the latest trend figures should be considered when making conclusions. The fall in employment in spring 2020 was interpreted as a level shift in the seasonal adjustment model. The figures reported in this release are not adjusted for seasonal variation unless separately mentioned that they concern the trend.
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