Early signs of a less favourable labour market trend
The number of available resident jobseekers, registered with the ADEM, was 14,669 as of October 31, 2022, an increase of 536 people (or +3.8%) compared to last September. This increase is mainly due to people under 30 years old.
However, compared to the month of October 2021, this constitutes a decrease of 748 persons or 4.9%. The seasonally adjusted unemployment rate calculated by STATEC is 4.9%, identical to last month.
Compared to last year, the number of jobseekers fell by 8.6% for those registered for more than six months and by 19.7% for those registered for 12 months or more.
The number of new registrations is on the rise again. In fact, 2,797 residents registered with ADEM during October 2022, an increase of 325 people or 13.1% compared to October 2021. Note that this month's new registrations include 124 registrations of Temporary Protection beneficiaries (refugees from Ukraine).
The number of resident jobseekers receiving full unemployment benefit decreased by 648 persons or 8.4 percent year-over-year to 7,077. The number of participants in an employment measure stood at 4,235 and was below the level observed in October 2021 (-233 persons, or 5.2%).
During October 2022, employers reported 3,284 vacancies to ADEM which is a 16% decrease from October 2021. This is not a general trend, but primarily affects the construction, hotels and restaurants, as well as temporary work. The number of available positions stands at 13,033 as of October 31, 2022. The increase over one year is 17.7%.