New data from the National Employment Agency (ADEM) reveals a significant deceleration in job market growth, with overall employment expanding by just 0.9% in 2024 – a sharp decline from the 3% annual growth recorded in recent years.
The private sector showed particular weakness, registering near-stagnation at 0.3% growth. ADEM Director Isabelle Schlesser attributed the slowdown to structural shifts affecting key industries. “We’re observing reduced hiring activity, especially in banking, construction, and retail,” Schlesser noted during Wednesday’s presentation.
While healthcare and industrial sectors posted modest gains, ADEM emphasised these increases still fail to meet the high demand. The unemployment rate reached 6% in late May 2025, marking a year-over-year increase.
