Unemployment in Finland has risen to a century-high
The unemployment rate in Finland reached 12.7% in May among the population aged 15 to 74, the highest rate this century. This figure indicates a deterioration in the country’s labor market and increased economic pressure on households.
In May, there were 376,000 unemployed people aged 15–74, the highest number since 1998. A year earlier, there were 308,000.
The unemployment rate among 15- to 74-year-olds, adjusted for seasonal fluctuations, also rose to a record high for the 21st century: 12.7% compared to 10.5% a year ago.
According to Statistics Finland, unemployment typically peaks in May, when students and recent graduates enter the labor market.
Many young people are looking for either summer jobs or their first job after graduation, and they are doing so in an extremely competitive market. This explains the particularly noticeable rise in youth unemployment,” explains Joanna Viininkka, a senior analyst at Statistics Finland.
The number of unemployed Finns aged 15–24 rose by approximately 44,000 in May compared to last year.
Among 15–24-year-olds, the unemployment rate rose by 2.4 percentage points over the past year and by as much as five percentage points over the past two years, Viinninkka notes.
The employment rate in May also showed weak growth. The employment trend among 20–64-year-olds fell by 1 percentage point over the month to 75.2%.
The last time employment was at this level was in early 2021, when Finland was still recovering from the effects of the COVID-19 pandemic, reports Yle.
As a reminder, Poland is experiencing the fastest rise in unemployment in recent years.
Meanwhile, unemployment in France has jumped to a five-year high.
