Luxembourg Jobs: Unemployment Rate in Luxembourg Rises Again, Reaching a Two-Year High

Luxembourg Jobs: Unemployment Rate in Luxembourg Rises Again: Once more disappointment for people, who are looking to work in Luxembourg or seeking Luxembourg Jobs or finding Luxembourg career opportunities or finding Luxembourg employment.

Luxembourg job opportunities fell once again in the month of October 2023, maintaining consistent fallout from previous many months.

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Introduction to Luxembourg Job Market

Due to lesser available jobs in Luxembourg in the month of October 2023, the unemployment rate in Luxembourg has increased once more. Luxembourg unemployment rate has now reached a two-year high of 5.6% in October 2023, according to the latest data from the country’s job agency, ADEM.

This marks a slight rise from 5.5% in September, indicating a continuous trend of growing unemployment in the Grand Duchy country – Luxembourg.

In September 2023 also, the rise in unemployment was found, due to the growing number of individuals seeking employment or jobs in Luxembourg through the national jobs agency Adem.

By the month’s end, the registered job seekers reached 16,565, showcasing an increase of 2,432 individuals, a 17.2% rise compared to the same month the previous year.

Moreover, the report from Adem highlights that in September 2023, a total of 3,141 residents enrolled as job seekers. This indicates a rise of 189 individuals, equivalent to 6.4%, compared to the figures from September 2022. An important detail observed in this month’s registration data is the inclusion of 67 individuals benefiting from temporary protection, predominantly refugees from Ukraine.

Notably, individuals with high qualifications, including university graduates, and those under 30 experienced significant increases in job searches. Looking at specific professions, there were notable surges in seekers for roles in secretarial and administrative positions, culinary production and restaurant services, accounting and management, and structural and finishing construction work.

Rising Unemployment: A Cause for Concern

Now, this upward trend of higher unemployment rate in Luxembourg is a cause for concern for Luxembourg economy. It is now expected that it might enter a recession by the end of the year, 2023. Which is not a good start for Year 2024. The rise in unemployment and being jobless, is particularly evident among young people and graduates. The the number of job seekers in Luxembourg under the age of 30, have been increasing by over 15% year-on-year.

While in September 2023, a decline in the reported number of job vacancies submitted to Adem by employers was observed. The month documented 3,109 job vacancies, marking a 14.4% decrease compared to September 2022.

This decline was notably pronounced in sectors such as manufacturing, information and communication, financial and insurance activities, and specialized scientific and technical services. Additionally, administrative and support services, including temporary agencies, were adversely affected.

Luxembourg Jobs: Factors Contributing to Unemployment Rise

There are several factors which are contributing to the rise in unemployment in Luxembourg and lesser jobs generation. Primary reasons are – “The global economic slowdown”, “rising inflation” and “energy prices”. These reasons jointly putting a strain on businesses, leading to hiring freezes and layoffs.

Additionally, the transition to a more digital economy, rise of AI in jobs lux are some of the prominent facts causing some job displacements, as certain roles become obsolete and new ones emerge.

Luxembourg Jobs Market Breakdown

So, what is current situation of Luxembourg Job Market and which Luxembourg job sectors are seeing a rise & fall in jobs and in which sectors people are seeking more job opportunities?

The construction, finance, and real estate sectors have seen the most significant increases in jobs & job seekers. These sectors are followed by the industries – IT, accounting, and business strategy sectors, where more jobs are generating and in these sectors more people are seeking job opportunities and career opportunities in Luxembourg.

This give us the idea, that certain skills required for certain occupations are in high demand, as these sectors have been seeing rise in job opportunities and job seekers. While other sectors are facing a decline in job opportunities in Luxembourg.

Government Initiatives to Address increasing Unemployment in Luxembourg:

The Luxembourg government is taking initiatives and steps to address the rising unemployment rate, to create more jobs. These include:

• Investing in skills training and education: The Luxembourg government is helping students, workers and professionals to acquire the necessary and relevant skills. Government is providing free training, funds and necessary support to upgrade workers and labors with the in demand job skills.
• Providing personalized guidance to job seekers: The government is offering personalized guidance and support to job seekers. These personalized programs helps them in identifying suitable job and career opportunities, plus prepare them for interviews.
• Encouraging entrepreneurship: The government is providing incentives for entrepreneurs to start new businesses, creating new job opportunities.

Outlook for the Luxembourg Jobs Market

The outlook for the Luxembourg job market and Luxembourg employment remains uncertain. This outlook comes from the potential for further job losses as the economy slows down.

However, the government initiatives and efforts are consistent to address unemployment and the jobs crisis. Luxembourg history of strong economic fundamentals offers some hope for a rebound in the labor market in the medium to long term.

Luxembourg Jobs Insights

• After looking at the historical data, it has been found out that the number of job seekers in Luxembourg has increased by over 15% year-on-year basis. It is expected to rise further with the fear of looming recession.
• There is increase in job seeking graduates under the age of 30, where the unemployment rate is much more.
• Industry sectors having most number of job seekers are – Construction, Finance, and Real estate.

Conclusion:

Consistent rise in unemployment in Luxembourg jobs sector, highlights the challenges faced by the country’s economy in the face of global economic uncertainty. The Luxembourg government efforts to address unemployment and the country’s strong economic foundations are motivating, but it will be crucial to determine and notice the trajectory of the Luxembourg jobs market in the coming years.

FAQ:

What are the different Luxembourg jobs in demand?

The Luxembourg jobs for foreigners and native people, which in demand as of October 2023 are as follows:

• IT development studies: 209 vacancies
• Financial Accounting audits and controls: 192 Luxembourg job vacancy
• Accounting: 184 vacancies
• Secretariat: 152 vacancies
• Kitchen personnel: 123 vacancies
• Credit and risk analysis: 113 vacancies
• Management consulting: 95 vacancies

Luxembourg jobs for foreigners and unskilled jobs in Luxembourg for foreigners: To successfully find a job in Luxembourg, foreigners will need qualifications, experience, language skills (English, French, German) and, most importantly, patience. The labor market with respect to Luxembourg jobs, reflects the dynamic international environment that symbolizes the country.

While the crisis of unemployment rate is rising and is now back at the previous levels. Luxembourg still has many career opportunities and jobs for foreigners in Luxembourg, with the quality of life which attracts many foreign executives to find employment in Luxembourg and make it as their preferred home country.

What are the jobs available in Luxembourg for English speakers?

Here are some jobs available in Luxembourg or Luxembourg job opportunities for English speakers as of November 2023:

• Storekeeper at lux-Airport.
• Customer Service Representative – Major Customers (H/F) at Solar Screen.
• Junior Auditor – From January 2024 at Deloitte.
• Digital Content Creator (English Speakers) or Digital Content Editor (English Speaker) at Wunderman Thompson.
• Receptionist at Hines and IQ-EQ.
• Warehouse Worker (M/F) – Contern at GH intérim.
• Administrative Assistant at EY.
• Customer Service Administrator at Zurich Insurance.
• Client Services Agent (Receptionist) at KPMG.
• Client Service Specialist/French & English speaker – Luxembourg at JPMorgan Chase & Co.
• Bilingual assistant English / French (M/F) – CDI at Loyens & Loeff.
• HR assistant at Deloitte.
• Talent acquisition assistant (internship) starting in February 2024, at Deloitte.