Unemployment in Finland has reached its highest level in 28 years

Finland has recorded a record number of unemployed citizens for the 21st century: in May 2026, the number of unemployed aged 15 to 74 years was 376 thousand people. This was announced on June 24 by the Yle broadcasting company, citing data from the country's Statistical Office.

According to the newspaper, this figure was the highest since 1998. In May last year, the number of unemployed was 308 thousand people. The seasonally adjusted unemployment rate rose to 12.7% from 10.5% a year earlier. According to the agency, such a surge is traditionally associated with the entry of students and graduates of educational institutions into the labor market.

"Many young people are looking for either a summer part-time job or their first job after graduation, and they do it in an extremely competitive market. Hence the particularly noticeable increase in youth unemployment," explains Joanna Viinnicka, Senior Actuary at the Statistical Office.

It is added that the number of unemployed in the age group from 15 to 24 years has increased by about 44 thousand people compared to May last year. At the same time, the unemployment trend, cleared of seasonal factors, was 10.8%, which is 0.1 percentage points higher than in April this year.

"The last time employment was at this level was in early 2021, when the country was still recovering from the effects of the pandemic. The number of workers remains high, so there is potential for employment growth — the main thing is for the labor market to come alive again," Viinnikka sums up.

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The head of the industrial conglomerate ABB, Morten Virod, said on June 7 that Europe risks facing mass unemployment if it does not immediately deregulate the economy amid the energy shock from the conflict in the Middle East. In his opinion, European lawmakers are not showing proper zeal in carrying out reforms, while rising gas prices undermine the competitiveness of the European Union (EU) in comparison with the United States.