Concerns about rising unemployment have increased since autumn

Topics

• Member pulse
• Unemployment

43% of those surveyed are worried about rising unemployment in their sector in the current year. The construction sector is the most worried, while the social and health sector is the least worried.

Unemployment growth is more worrying than last autumn. 43% of those surveyed by the YTK Unemployment Fund in late March were worried about the rise in unemployment in their sector over the current year. In October 2023, the corresponding figure was 36%, an increase of 7 percentage points. 

The result was obtained from the Member Pulse survey, which was answered by more than 22 000 members of the YTK Unemployment Fund. The survey respondents came from all sectors of the economy and from all over Finland.

Construction, advertising and cultural sectors much concerned

The construction sector is the sector most concerned about rising unemployment, with as many as 75% of respondents worried about rising unemployment in their sector. The next most concerned were respondents in advertising, marketing and communication services (66%) and culture, arts and entertainment (65%).

Social work and health were the least concerned about rising unemployment. Only 21% of respondents in the private social and health sector and 22% in the public social and health sector said they were concerned about rising unemployment in their sector.

“Concerns about rising unemployment are concentrated in cyclical sectors whose success depends on the economic situation. Respondents in the social and health sector, for example, do not show similar concerns. In the social sector, labour shortages are the prevailing reality,” says Auli Hänninen, CEO of the YTK Unemployment Fund.

Regions of concern are spread across the country

The average level of concern about rising unemployment is higher in South Ostrobothnia, South Karelia, North Savo, North Karelia and Uusimaa.  

In contrast, unemployment growth is less of a concern than average in Åland, Lapland, Ostrobothnia, Central Ostrobothnia, Kymenlaakso and Kainuu.

“The rise in unemployment worried respondents especially in those regions where unemployment grew more strongly than average at the end of last year. Developments in recent months are likely to affect respondents’ assumptions about the current year’s job situation,” says Auli Hänninen.  

The question was asked in the form “Are you worried about an increase in unemployment in your sector during the current year?” There were 22 764 respondents to the survey. The survey was conducted electronically to members of the YTK Unemployment Fund from 22.3.2024-28.3.2024.