Only 3,400 Unemployed Left In Iceland

Unemployment in March hit its lowest levels since November 2007, standing at just 1.7%—or around 3,400 people—according to figures from Statistics Iceland.

In recent years, unemployment has been dropping rapidly and during the corresponding month in 2010, a total of 9.6% of the workforce were out of a job. Over the past 12 months the rate decreased by 0.6 percentage point, meaning that around 3,800 unemployed found work during the period.

More men than women are currently without work with 2,300 of working age men missing a paycheque, but just 1,200 women.

Labour market participation currently stands at 84.9% of the working population, making it the highest in the OECD. Corresponding figures for the US and the EU measure at 72.6% and 72.9% respectively.

In January, The Grapevine reported that anywhere between 2,500 to 4,000 foreign workers will be needed in Iceland each year. Therefore, if you are out of work you might want to apply for Iceland.