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Tue, 05 May, 2015 12:07:56 AM Unemployment rate to go up FTimes – STT Report, May 5  Ministry of Employment and the Economy. File Photo – Lehtikuva. The decline in employment will stop this year, but the number of the unemployed will rise hitting the century’s highest at 350,000 next year, predicts the Ministry of Employment and the Economy (TEM).
The initial forecast on the labour market situation also said that the number of long-term unemployed is projected to grow next year while the overall unemployment rate will experience a slight decline.
According to the prediction, “This year, the number of long-term unemployed stands at around 106,000. Next year, it will increase to 119,000.”
The number of unemployed job-seekers will rise, according to this year’s forecast and next year the total number will be just under 350,000, the highest number yet in the 21st century.
Young job seeker looking job at the employment office website. File Photo Lehtikuva. Employment is expected to grow in the service industries and the decline in manufacturing and construction jobs will continue.
The reason for the improving employment rate is not a higher demand for labour but rather the shrinking working-age population, said the report.
The ministry will publish its short-term labour market forecasts in the spring and fall.
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