The unemployment rate is expected to continue its upward trend in Luxembourg next year, following a rise this year due to economic slowdown. The national employment agency, Adem, recorded a 5.7% unemployment rate in November, an increase of 2,817 people compared to November last year. This is predicted to rise to 5.9% next year, as per the statistics bureau Statec.

An increase in job seekers was seen particularly among those under 30 and those with higher education. The sectors experiencing the highest number of new candidates included construction, communication and media, financial and real estate, industry, IT, and accounting.

Adem also saw a rise in provisional requests for partial unemployment in January 2024, with an increase of ten requests from the previous month. This increase, however, does not necessarily reflect Luxembourg’s economic health, as companies might choose not to utilize the measure when the time comes - a situation observed in September this year.

The rise in unemployment requests and registrations with Adem was paralleled by a significant year-on-year reduction in the number of job openings posted on Adem’s site. November saw 2,553 new jobs posted on the platform, which was a 40% drop compared to the same period last year.