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Iceland's unemployment down in May

Xinhua, June 25, 2015 Adjust font size:

Iceland's unemployment rate stood at 6.7 percent in May 2015, registering a year-on-year decrease of 0.5 percent, according to a labor force survey issued Wednesday by Statistics Iceland.

The survey showed that the number of people in the labor force market in May was 197,100, of which 13,200 people were unemployed.

A large number of young people entered the labor market in May. Nonetheless, the unemployment rate for the month for 16 to 24 years old was 15.4 percent, compared to 4.6 percent amongst those who are 25 and older.

Seasonally-adjusted data showed that in May, the number of unemployed people amounted to 8,000, decreasing by 700 from April. The unemployment rate was 4.1 percent in May compared to 4.5 percent in April.

The trend lines for seasonally-adjusted data in the last six months show a slight decrease in unemployment rate and a slow increase in employment.

Seasonal adjustment is a statistical method for removing the seasonal component of a time series that is used when analyzing non-seasonal trends. Enditem