Employment rates keep rising
According to the labour market forecast extending until 2024, the number of employed people will continue to increase, but employment is expected to slow down towards the end of 2023.
The labour force will grow by around 17 000 persons in 2022. This growth will slow down to 1 000 people in 2023 and 5 000 people in 2024. In addition to the economic upturn, the growth in the labour force participation rate will be driven by an increase in part-time work.
Employment growth at the beginning of this year has been strong, with the employment rate expected to rise to 73.7 % in 2022 and to 74.1 % in 2023. In 2024, the employment rate is forecast to reach 74.3 %.
As employment increases sharply, the unemployment rate will fall to 6.4 % in 2022. However, as employment growth slows, so will the fall in unemployment. The unemployment rate is forecast to drop to 6.0 % in 2023 and to 5.9 % in 2024.
The number of unemployed job seekers in TE services will continue to fall steadily in the next few years. Long-term unemployment is projected to fall significantly faster than in the autumn 2021 forecast. In 2024, youth unemployment will drop to the historical low level, according to the forecast.