From Iceland — Unemployment to Decrease This Winter

Unemployment to Decrease This Winter

Published July 30, 2010

Unemployment is expected to decrease this winter – as it usually does – although it is predicted that it will not decrease significantly until the winter of 2011-2012. In related news, the Icelandic crown is experiencing a significant upswing.
According to figures from the Directorate of Labor, over 3,000 Icelanders are without work, and many more are underemployed. Directorate of Labor chairman Gissur Pétursson told Fréttablaðið that his experience has been that unemployment tends to decrease in October. This is due in part to students going back to school and leaving jobs open for others to take.
Gissur added that he expects the September’s figures to show unemployment at 7% for August. “That’s terribly much,” he said, “but we are especially optimistic.” Unemployment has, in fact, been steadily decreasing – at this time last year, it was at 9%.
In related news, the Icelandic crown has been rallying. Its value has increased by 10.8% in the past year alone, and has increased by 17.6% since the economic collapse of autumn 2008. It is, however, still down 47% from its value in 2007.

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