The unemployment rate increased marginally to 4.9% in March, up from 4.8% in February, according to the latest figures from Luxembourg’s employment agency Adem. Archive photo: Matic Zorman / Maison Moderne

The unemployment rate increased marginally to 4.9% in March, up from 4.8% in February, according to the latest figures from Luxembourg’s employment agency Adem. Archive photo: Matic Zorman / Maison Moderne

Luxembourg’s national employment agency, Adem, reported a marginal increase in the unemployment rate, from 4.8% in February to 4.9% in March, while the total number of job vacancies was at its lowest in the past year.

As of 31 March 2023, Adem recorded a total of 15,332 registered jobseekers, reflecting an increase of 756 people, or 5.2%, compared to March 2022. This increase was observed across all registration durations, except for those registered for longer than 12 months.

According to Statec, the statistics bureau of the grand duchy, the unemployment rate for March stands at 4.9%. This is a slight increase compared to the previous month, which had an unemployment rate of 4.8%. It is worth noting that the unemployment rate has remained below the 5% mark since the beginning of last year, indicating a relatively stable employment situation in the grand duchy.

Jobseeker registrations up

There has been a sizeable increase in the number of new jobseeker registrations, with 2,526 residents registering with Adem in March 2023. This represents a rise of 132 people, or 5.5%, compared to March 2022. Of these new registrations, 82 individuals were beneficiaries of temporary protection, specifically refugees from Ukraine. Furthermore, there were additional 603 non-residents registered with Adem in March, representing a significant increase of 30.5% compared to the same month last year (462).

The number of resident jobseekers who are receiving full unemployment benefits has increased by 931 people, or 11.8%, compared to the previous year, reaching a total of 8,838 individuals. Out of these, 747 were non-residents, a growth of 29.5% compared to a year ago when the number was 577 individuals.

On the other hand, the number of individuals participating in employment measures is currently at 4,265, which is lower than the level observed in March 2022, with a decrease of 160 people or drop of 3.6%.

Job vacancies in decline

Employers reported a total of 3,938 vacancies to Adem in March 2023, which reflects a decrease of 25.2% compared to March 2022. However, Adem explained that March 2022 was an exceptional month in terms of reported vacancies, which may have skewed the year-over-year comparison. The monthly average in 2022 was 3,911 vacancies.

It is notable, though, that the total stock of job vacancies announced by the companies to Adem declined to 10,363, which is a drop of 5.7% from January (10,988) or a drop of 13.6% from a year ago (11,991). The total available job vacancies peaked at 13,599 in June 2022.

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