Norway’s labor market remains strong in June

Norway’s registered unemployment dropped by around 1000 persons again in June, clearly indicating that the Norwegian labor market is tightening. Capacity utilization is rising in Norway. The unadjusted rate came in at 2.6 percent, in line with consensus expectations of 2.6 percent.

The figure released today is consistent with the trend so far this year with a fall in joblessness by around 100 persons a month. Unemployment is evidently tending down. The unemployment figure shows that the Norges Bank is underestimating the pressure in the domestic economy, noted Nordea Bank in a research report.

Norges Bank projects unemployment to drop at around 500 persons a month, a deceleration compared to the development so far. This figure dropped by 600 persons in June which are consistent with Norges Bank’s forecast. There are no signs that the solid rebound in the labor market is decelerating, stated Nordea Bank.

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