Unemployment in Iceland Increasing Fast Skip to content

Unemployment in Iceland Increasing Fast

Since October 9, the number of unemployed individuals in Iceland has increased by 2,839. Comparatively, many more men have lost their jobs than women considering that mass layoffs have been more common in typical male professions, like construction.

A construction site in Iceland in 2004. Copyright: Icelandic Photo Agency.

Labor unions are encouraging employers not to lay anyone off until they have exhausted every other rationalization measure, including reducing working hours and lowering salaries, Morgunbladid reports.

Forecasts on unemployment from the Central Bank and the Confederation of Labor (ASÍ), among other institutions, predict continued increase in unemployment in the coming months.

At the beginning of next year, the unemployment rate is expected to reach seven percent and up to ten percent by the end of 2009.

Click here to read about a recent wave of layoffs in Iceland.

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