There were a total of 376,000 unemployed people in Finland last month, according to the latest Labour Force Survey compiled by Statistics Finland.
This is a 20 percent increase on the same month last year and represents the highest number of unemployed people registered in a single month in Finland so far this century.
The last time the number of unemployed people reached such a figure was in 1998.
Finland's non-seasonally adjusted unemployment rate for people aged 15-74 also rose to its highest level this century — now standing at 12.7 percent, compared to 10.5 percent a year ago.
According to Statistics Finland, unemployment figures often spike during the month of May as students and recent graduates begin their job search.
"Many young people are looking for either summer jobs or possibly their first post-graduation job in already extremely competitive labour markets. This is particularly reflected in the increase in youth unemployment," Joanna Viinikka, Senior Statistician at Statistics Finland, wrote in a press release.
The unemployment rate for young people, those aged 15-24, stood at 23.2 percent in May.
Viinikka also noted that Finland's employment rate trend, meaning the percentage of the country's working-age population with a job over a specific period, has fallen to levels last seen during the Covid pandemic.
"The labour force has remained high for a long time, so there is potential for employment growth, as long as the labour market starts picking up again," Viinikka said.
Finland's government has introduced a number of different policies aimed at stimulating the country's sluggish jobs market, but one recent development has sparked controversy. Yle News journalist Ronan Browne explains why.
