Luxembourg unemployment rate falls marginally

Luxembourg’s seasonally adjusted unemployment rate fell marginally to 5.8% in January, according to latest figures released by statistics agency Statec on Thursday, down from 5.9%.

A total of 19,431 resident jobseekers were registered with employment agency Adem as of 31 January, an increase of 6.1% compared with January 2024, the employment agency reported.

The unemployment rate shot past 5% in May 2023 and was above 5.5% throughout 2024. The rate rose to 5.9% in November last year.

Adem attributes the rise to growing numbers of jobseekers registered with them for seven months or more, and those aged over 30, as well as an increase in the number of the most highly qualified jobseekers, such as higher education graduates.

The biggest increases were seen among jobseekers in IT, road transport driving, culinary production, banking and accounting.

The number of resident jobseekers receiving full unemployment benefit rose by 8.4% year-on-year to 11,837.

During January 2025, employers reported 3,426 vacancies to Adem, an increase of 14.6% compared to January 2024, but the total number of vacancies at the end of the month stood at 6,545, a 6% fall over one year.

At the beginning of January, Statec said it expected GDP growth of 2.5% in 2025, compared to estimated growth of just 0.5% in 2024.