Unemployment rate rises to 1.1% in Faroe Islands as long-term joblessness persists

In July, the unemployment rate in the Faroe Islands stood at 1.1%, which corresponds to 328 individuals being fully unemployed, according to the latest statistics from the Faroese Statistical Office.

This marks a slight increase compared to July of last year, when the unemployment rate was 0.7%, equivalent to 215 fully unemployed individuals.

The statistical office defines a fully unemployed person as someone who has been unemployed throughout the entire month. Thus, if two individuals are affected by unemployment for half a month each, they are counted together as one fully unemployed person for that month.

During July, a total of 357 people were unemployed at various times, indicating an increase of 110 compared to the previous year. Of these, 36 individuals, or 10.1% of those unemployed, were long-term unemployed, defined as having been out of work for over a year.

This reflects a decrease of 1.5 percentage points from last year; however, there are eight more individuals classified as long-term unemployed, according to the Faroese Statistical Office.