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Tension in the labor market due to a lack of staff

The labor market has recovered remarkably quickly and unemployment has returned to the same levels as before the epidemic after having increased considerably during the epidemic. There is tension in the labor market, but more than half of the managers of the largest companies in the country believe that there is a shortage of staff at their company. Foreign staff will probably fill these jobs to an increasing extent in the near future.

It says that according to a labor market study by Statistics Iceland, 210,400 people were employed in the labor market in the third quarter of this year, and the labor force participation rate was 79.8%. Since the same quarter last year, the number of employees has increased by around 7,300 people, and at the same time, the number of people in Iceland has increased by half a percentage point.

More: Iceland placed in the category of emerging market countries

Furthermore, according to the survey, an average of 7,300 people were unemployed during the period, and unemployment is now 3.4%.

“Unemployment has not been lower on this scale since the last quarter of 2018. This matches quite well with the figures of the Norwegian Labor and Employment Agency on registered unemployment. In the third quarter, registered unemployment was 3%, and in September unemployment was down to 2.8%. Registered unemployment has also not been so low since the end of 2018.”

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