The employment rate reaches 74% as the number of long-term unemployed decreases

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Last month Finland had 66,000 more people at work than in October 2021.

The Finnish labor market is currently in need of new hands. Image: Anna Siren / Yle

Finland’s workforce rose by some 66,000 people in October compared to the same month last year, according to the latest labor force survey published by Statistics Finland on Tuesday.

The Ministry of Economic Affairs and Employment also published its own employment report on Tuesday, which showed that more than 2.6 million people between the ages of 15 and 74 were in work in October.

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These latest figures mean that the employment rate has increased by two percentage points to 74.3 percent compared to last year and that the internationally comparable trend figure for the employment rate has risen to 74.4 percent.

In a tweet, Minister of Work Tuula Haatainen (SDP) welcomed the results.

“Great news! The Marin government’s employment target has been exceeded. Our efforts were necessary and effective,” Haatainen wrote.

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In its original program for government, the five-party coalition had set an employment target of 75 percent.

As a result of a statistical reform, the employment rate was revised down by one percentage point, meeting the government’s employment target by about 74 percent.

Statistics Finland’s report also found that there were 162,000 unemployed in October, or 2,000 fewer than a year ago. Thus, the trend of the unemployment rate was 6.9 percent.

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A further breakdown of the unemployment figures shows that in October 86,000 men and 75,000 women were unemployed.

However, there were also 37,000 more women and 29,000 men more at work last month compared to October 2021.

Danke Bank chief economist Pasi Kuoppamaki told the STT news agency that the employment figures are better than expected Jukka Appelqvistchief economist at the Central Chamber of Commerce, said labor force participation has grown to surprisingly high levels.

“The improvement in the employment situation is currently an absolute bright spot for the Finnish economy and the strongest proof that we are not yet in a recession,” Appelqvist said in a press release from the Chamber of Commerce.

Long-term unemployed down by 20,000

Figures released by the Ministry of Economic Affairs and Employment on Tuesday show that the number of unemployed job seekers fell by 26,700 from last year, with a total of 232,400 job seekers across the country at the end of last month.

However, the number of long-term unemployed fell sharply, from more than 100,000 people in October 2021 to 87,700 last month.

Meanwhile, the number of young unemployed jobseekers, under the age of 25, fell by 4,300 to 23,600.

About 79,800 new jobs were advertised in October, 11,800 fewer than in the same month in 2021. In total, there were 160,500 vacancies in October, which is 9,100 fewer than last year.

Many unemployed people over 60

The number of people who have been unemployed for more than a year but less than two years has decreased by 20,200. Peter Syvanen of the Ministry of Economy and Employment of Finland.

He could not pinpoint a main reason for the decline.

“It is generally accepted that it is easier to find work the shorter you have been unemployed,” says Syvänen. “Especially if the employment situation is good.”

There is currently a high demand for labour, so the long-term unemployed also have a chance of finding work.

The number of people who have been unemployed for more than two years has increased by about 4,000. There are many elderly people in both groups.

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