In a statement released on Monday, the National Employment Agency (ADEM) conveyed that unemployment numbers are falling across all sectors, leading to the lowest national rate recorded in more than a decade.
The number of residents looking for employment through ADEM on 31 January 2022 was 15,470. This represents a decrease of 4,412 people, or 22.2%, compared to the previous year.
The National Institute of Statistics and Economic Studies (STATEC) thus rates the national unemployment rate at 4.9%. Back in December, it was still 5.2%.
2009 was the last time that Luxembourg’s unemployment rate was this low. Back then, the rate was recorded at the beginning of the year, right before the repercussions of the Global Financial Crisis hit the country’s economy.
Even though unemployment rates are decreasing in general, the biggest issue remains long-term unemployment. Many people registered with ADEM have been looking for work for longer than twelve months. At 49.3%, they make up almost half of their job seekers.
Although there was a brief spike in new demands for employment in January, the rate remains relatively low, the ADEM statement further notes. 2,359 people filed a new application, a decrease of 12.6% compared to January 2021.
More employers were also recruiting last month: 4,083 jobs were listed with ADEM, an increase of 46.2% compared to January 2021.
PDF: January 2022 report by ADEM (FR)