Luxembourg Unemployment Rate Remains Stable at 5.8%

On Friday 20 September 2024, Luxembourg's employment agency, ADEM, reported that there were 17,735 resident jobseekers available for work at the end of August 2024; the unemployment rate remained unchanged over one month, at 5.8%.

The number of available resident jobseekers registered with ADEM as of 31 August 2024 stood at 17,735, an increase of 1,679 people (or 10.5%) compared to August 2023.

This number of jobseekers was on the rise for all unemployment periods exceeding four months.
The most qualified jobseekers (university graduates) as well as people aged 30 to 44 experienced the largest increases.

Regarding professions, the most significant upward variations concern the construction, installation and maintenance, transport (driving) personnel, industry, accounting and IT, and banking occupations.

The number of new jobseeker registrations dropped slightly: 2,454 residents registered with ADEM in August 2024, a decrease of 56 people (or 2.2%) compared to August 2023. New registrations for the month in question include 50 registrations by beneficiaries of temporary protection (i.e. refugees from Ukraine).

The number of resident jobseekers receiving full unemployment benefits increased by 1,504 people or 17.2% over one year, to reach 10,226 as of 31 August 2024. The number of beneficiaries of an unemployment measure stood at 4,150, an increase of 4.8% compared to August 2023.

In August 2024, employers declared 2,820 vacant positions to ADEM, down 10.9% compared to August 2023. The total number of positions available at the end of the month stood at 7,243 as of 31 August 2024. This represents a decrease of 20.3% over one year.

ADEM noted that, over the past year, the decrease in job vacancies has been more pronounced than that of new job offers declared, particularly for IT and accounting professions. This is partly linked to the entry into force of the new law in September 2023, which accelerated the issuance of certificates for the hiring of third-country nationals. This law led to an increase in the number of offers declared for obtaining such a certificate and made it possible to close the offers concerned more quickly. This decrease mainly impacts the professions of accounting and management, IT, the financial and real estate sector, secondary work professions, legal professions, and metalworking mechanics and tooling professions.

The unemployment rate, calculated by STATEC and adjusted for seasonal variations, thus remained stable at 5.8% at the end of August 2024.

STATEC had separately reported that this may rise to 6% in 2025.