A total of 252,000 people were officially registered as unemployed job seekers in Finland in January 2020, according to the Ministry of Employment and the Economy. (Vesa Moilanen – Lehtikuva)

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THE TREND of the employment rate and that of the unemployment rate have both increased moderately in Finland.

Statistics Finland on Tuesday revealed that the trend of the employment rate – that is, the employment rate adjusted for random and seasonal variation – stood at 73.4 per cent and that of the unemployment rate at 6.8 per cent at the end of January.

Juhana Brotherus, the chief economist at the Mortgage Society of Finland (Hypo), stated on Twitter that the latest set of employment statistics look “incredibly good” on the surface but that a number of worrisome warning signs are bubbling under the surface.

The number of people in disguised unemployment, he highlighted, jumped by 14,000, the number of under-employed people by 1,000 and youth unemployment by 1.7 per cent from the previous year.

Statistics Finland reported that the number of the employed rose by 46,000 from the previous year to 2,543,000 in January. The number of the unemployed, in turn, rose by 15,000 from the previous year to 196,000, a total that includes 106,000 men and 91,000 women.

Almost a fifth (19.8%) of the 298,000 15–24-year-old people in the active population were without a job at the end of last month, representing a surge of 3.5 percentage points from the previous year.

While the number of people in the inactive population decreased by 57,000 year-on-year to 1,392,000, the number of such people in disguised unemployment rose from 124,000 to 138,000 between January 2019 and January 2020.

The Ministry of Employment and the Economy, meanwhile, reported that a total of 252,000 people were officially registered as unemployed job seekers at the end of last month, signalling no change from the previous year.

Aleksi Teivainen – HT
Source: Uusi Suomi

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