Finland’s employment figures reveal underlying concerns, according to Jukka Appelqvist, Chief Economist at the Central Chamber of Commerce.
Data released by Statistics Finland shows that both employment and unemployment numbers have risen compared to last July.
The number of employed individuals in July was 2.68 million, up by 54,000 from a year earlier. Meanwhile, the unemployed population reached 229,000, an increase of 34,000 compared to the same period last year.
“Employment is currently treading water, which in itself is a reasonably good achievement in the aftermath of a long period of economic weakness,” Appelqvist notes.
The unemployment rate in July increased to 8.3%, up from a 6.4% in the spring of 2022.
In July, only 25,100 new job openings were reported, a 25,000 fewer than a year ago. Overall, there were 48,200 open positions in July, down by 53,500 from the previous year.
“The sharp decline in job vacancies is alarming,” Appelqvist says.
“When we see so many poor figures in succession, it’s clear that this isn’t just a coincidence. The low level of job openings signals weak demand for labor, suggesting that a real positive turnaround in the job market is still distant.”
One of the most troubling aspects of the current labor market situation is the rise in long-term unemployment. As of July, there were 98,600 individuals classified as long-term unemployed, an increase of 6,400 from the previous year.”
“The labor market is increasingly divided into winners and losers.”
Read more by clicking HERE.
