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Denmark’s unemployment number hits two-year peak

Ritzau/The Local
Ritzau/The Local - [email protected]
Denmark’s unemployment number hits two-year peak
Denmark's number of unemployed is reportedly at its highest since 2021. Photo: Ida Guldbæk Arentsen/Ritzau Scanpix

An initial indicator suggests the number of people out of work in Denmark increased in July to the highest amount for two years.

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The early Statistics Denmark indicator shows that 1,200 more people were without a job in July compared to the previous month.

That means the figure is the highest is has been since the second half of 2021, according to economist Jeppe Juul Borre of Arbejdernes Landsbank.

“It’s always sad when more people are in the unemployment queue. But this is still only modest increases and unemployment is still low in Denmark,” he said in a written comment.

“The labour market has displayed an impressive strength with masses of records for employment and still low unemployment despite the increase,” he said.

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The unemployment indicator points towards 83,500 out of work in July, an unemployment rate of 2.8 percent.

The figure could continue to increase in coming months according to commentators.

“We are leaning towards unemployment increasing by around 10,000-15,000 people over the next year, which is moderate in relation to the deceleration that is expected to hit the Danish economy,” senior economist with the Danish Chamber of Commerce Tore Stramer said in a written comment.

“In addition you should keep in mind that the temperature of the labour market is essentially high. Employment is record high and companies are advertising more vacancies than normal,” he said.

“There will therefore also be companies that still have a hidden need for new staff despite the economic deceleration that’s hit the Danish economy,” he added.

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