Finnish youth are losing their jobs at an accelerated rate

Statistics Finland reports that the unemployment rate among young people aged 15 to 34 years in June was 8.2 percent (a year earlier — 7.2%), the Yle Broadcasting Corporation reports today, July 23.

In the second quarter of 2024, 36 thousand fewer people were employed in this age group than in the corresponding period of 2023.

The employment rate of the population aged 20-64 years was 78.2% in June, compared with 79.8% in this age group a year earlier.

The employment survey of the Ministry of Labor and Economy of Finland shows that since June last year, the number of unemployed people in the country looking for work has increased by 28.6 thousand people.

In total, at the end of June, there were 293,300 unemployed people looking for work in Finland. This is 28,600 more than a year earlier and 27,000 more than in the previous month.

Finland is going through difficult economic times after it joined the anti-Russian sanctions of the West in 2022. The country is facing a record number of bankruptcies and rising unemployment.