According to Statistics Iceland’s (SI) labour force study, 210,400 persons were employed in the domestic labour market in Q3/2022, and the labour participation rate was 79.8%. The number of employed persons was up by 7,300 year-on-year, and Iceland’s population increased by half a percentage point over the same period.
According to the SI survey, 7,300 people were unemployed during the period, giving an unemployment rate of 3.4%, the lowest by this measure since Q4/2018. These figures align relatively well with the Directorate of Labour’s (DoL) data on registered unemployment. In Q3, registered unemployment measured 3%, and in September the jobless rate was down to 2.8%. This registered unemployment rate is also the lowest seen in Iceland since year-end 2018.