Women's unemployment rises sharply as Finnish joblessness increases

In July, the number of unemployed individuals in Finland surged by 20,000 compared to the same period last year, as reported by Statistics Finland's latest Labour Force Survey. This rise was largely attributed to a significant increase in female unemployment. Specifically, there were 24,000 more unemployed women in July than a year ago, while the count of unemployed men decreased by 4,000.

Nevertheless, men still constituted a slightly larger proportion of the unemployed population. The figures show 150,000 unemployed men and 139,000 unemployed women. The unemployment rate for men stood at 10.0 percent, a 0.2 percentage point decline from the previous year, whereas for women, it was 9.8 percent, marking a 1.5 percentage point increase.

Elias Erämaja, chief economist at the Finnish Business and Policy Forum (EVA), noted that while unemployment remains at an "ugly level," the latest figures do not solely indicate a weakening labor market. He explained that the rise in unemployment can be partly attributed to people returning to the workforce. According to Erämaja, the trend unemployment rate for individuals aged 15-74 was 10.5 percent in July, which excludes seasonal and random fluctuations. The total number of unemployed individuals in July amounted to 289,000.

Despite the concerning unemployment levels, some economists see potential positive indicators in the labor market. Juho Keskinen, chief economist at the Finnish Mortgage Society (Hypo), highlighted that there are already notable opportunities for employment. For instance, there were 1,400 more job vacancies in the construction sector in the spring compared to the same period a year earlier.