Luxembourg’s labour market faced mixed trends in October 2024, with rising unemployment and benefits, fewer vacancies and stabilised new jobseeker registrations, national employment agency Adem reported on Wednesday 20 November 2024. As of 31 October 2024, there were 18,293 individuals registered, marking an increase of 1,366 people, or 8.1%, compared to the same period in 2023. This increase spanned all durations of unemployment, with particularly pronounced growth among highly qualified jobseekers and those aged 30 to 44 years.
Occupational trends also highlighted specific sectors experiencing the sharpest rises in jobseekers. These included road transport operations, culinary production, information technology and construction finishing trades. Despite the uptick in unemployment figures, the seasonally adjusted unemployment rate calculated by national statistics bureau Statec remained stable at 5.8%.
The number of resident jobseekers receiving full unemployment benefits also rose significantly, reaching 10,375 as of 31 October 2024. This figure represented a year-on-year increase of 1,319 individuals or 14.6%. Furthermore, the number of beneficiaries of employment measures grew to 4,494, up by 6.3% compared to October 2023.
In October 2024, 3,170 job vacancies were reported to Adem, a slight increase of 2.6% from the same month in 2023. However, the total number of available positions at the end of the month stood at 6,698, representing a significant year-on-year decline of 21.9%. This reduction primarily affected positions in accounting and management, IT, legal professions and the financial sector.
Adem attributed the decline in total vacancies to a shift in the labour market following the implementation of a new law in September 2023. The legislation, aimed at addressing a shortage of qualified labour, introduced measures to expedite the closure of job offers, especially those targeted at recruiting third-country nationals. As a result, the average time job offers remained open decreased, contributing to a reduction in the overall stock of vacant positions.
Key sectors such as accounting, IT, legal services and finance were notably affected by this trend. The combination of expedited job offer closures and the persistent demand for highly skilled professionals led to a marked reduction in the availability of vacant positions in these industries, Adem noted.