Luxembourg witnessed another surge in unemployment figures at the end of February, with the number of jobseekers reaching 18,166, marking a notable 16.1% increase compared to the same period last year.

Data from the National Institute of Statistics and Economic Studies (STATEC) reveals that the spike in unemployment primarily affected highly qualified individuals and young people under 30 years old. Industries experiencing the most significant upticks in unemployment include construction, followed by the financial sector, manufacturing, IT, accountancy, and business strategy.

The seasonally adjusted unemployment rate, as calculated by STATEC, stands at 5.6% of the working population. New registrations with the National Employment Agency (ADEM) saw a notable rise, with 3,307 residents registering in February 2024, reflecting a 16.2% increase compared to the previous year.

It is worth noting that February's registrations included 83 individuals benefiting from temporary protection as refugees from Ukraine.

Meanwhile, the number of resident jobseekers receiving full unemployment benefits surged by 26.9% year-on-year, totalling 2,179 individuals. The total number of vacancies available in the job market decreased by 31.4% year-on-year, with vacancies standing at 7,727.