.jpg)
1 hour ago
2
Article content
(Bloomberg) — Finland posted another set of dire labor-market figures, with European Union’s worst unemployment hitting levels previously seen during the first wave of the Covid-19 pandemic.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The headline jobless rate rose to 10.9% in February, the most in almost six years, data from Statistics Finland showed on Tuesday. The trend jobless rate, adjusted for seasonal variation, rose to 10.5%, matching the revised level from November when it had hit the highest in the 2000s.
Article content
Article content
Article content
Finland’s economy has not fully recovered from the pandemic as the export-driven economy suffers from global geopolitical and trade policy uncertainty. Consumer confidence was sapped by Russia’s invasion of Ukraine, the ensuing inflation peak and high mortgage rates.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
In addition, the government has sought to plug a widening public deficit with benefit cuts, which have pushed people to save more and increasingly look for jobs, boosting labor supply.
Article content
The rise in unemployment is partly explained by stricter job-search requirements and changes to social security, economists at research institute Pellervo Economic Research said in a statement.
Article content
The war in Iran is estimated to push up energy prices and interest rates, which will slow a turnaround in Finland’s labor market. The Nordic country’s economy remains stuck in a self-reinforcing negative cycle marked by high unemployment and weak confidence.
Article content
“A weak labor market is weighing on consumer confidence and keeping private consumption subdued, which in turn is slowing the economic recovery,” said economist Roope Ohlsbom at the Federation of Finnish Enterprises, an employers’ lobby group.
Article content
Youth unemployment was higher than for the overall population, with the trend rate for 15-24-year-olds at 22.9%.
Article content
—With assistance from Joel Rinneby.
Article content
English (US)