Number of employed persons fell and unemployment grew in October 2024 from one year ago

Number of employed persons fell from the previous year

In October 2024, the number of employed aged 15 to 74 was 2,586,000 (margin of error ±30,000), which was 19,000 fewer than a year earlier. There were 22,000 fewer employed men and a little more employed women than in October last year.

In October, the non-seasonally adjusted employment rate, that is, the proportion of the employed among persons aged 20 to 64, stood at 76.1 per cent, having been 77.4 per cent in this age group one year earlier. The employment rate of men aged 20 to 64 fell by 1.7 percentage points to 76.4 per cent and the employment rate of women fell by 0.7 percentage points to 75.8 per cent from one year ago.

The employment rate of persons aged 20 to 69 fell by 0.9 percentage points from last year's October to 70.8 per cent.

Unemployment grew compared to the previous year

In October 2024, the number of unemployed aged 15 to 74 was 228,000 (margin of error ±21,000), which was 38,000 more than a year earlier. The number of unemployed men was 131,000 and that of unemployed women 97,000.

In October, the non-seasonally adjusted unemployment rate of persons aged 15 to 74, or the proportion of the unemployed among the labour force stood at 8.1 per cent, having been 6.8 per cent one year earlier. The unemployment rate of men stood at 9.0 per cent, which was 2.0 percentage points more than one year before. The unemployment rate of women stood at 7.1 per cent, which was 0.5 percentage points higher than previous year.

In October, the share of the unemployed aged 15 to 24 among the labour force stood at 16.2 per cent, which was 0.5 percentage points less than one year earlier. The share of unemployed young people aged 15 to 24 among the population in the same age group was 7.6 per cent.

Number of people in the inactive population remained unchanged

There were 1,345,000 persons aged 15 to 74 in the inactive population in October 2024, which was almost the same number than one year earlier.

Seasonally adjusted trend

Employment and unemployment vary quite much by month and the change from the observation of the previous month mainly describes the seasonal aspect rather than the trend in development. For that reason, the latest statistical data are compared to the corresponding period of the year before.

By contrast, the figures of the trend series that are adjusted for seasonal and random variation are mutually comparable and phenomena associated with long-term development and cyclical changes are thus more easily observable from the trend of the time series.

The trend usually changes somewhat when the data of the following month are included in the time series. Therefore, only the last published time series should be used when using the trend figures. The preliminary nature of the latest trend figures should be considered when making conclusions.

The fall in employment in spring 2020 was interpreted as a level shift in the seasonal adjustment model. The figures reported in this release are not adjusted for seasonal variation unless separately mentioned that they concern the trend.

Links

Ministry of Economic Affairs and Employment’s Employment bulletin

Comparison between the employment statistics of Statistics Finland and the Ministry of Economic Affairs and Employment (PDF)