Norway's unemployment rate for the month of November saw a slight decline as expected by economists. After several months of decline in the number of unemployed November was the second consecutive month to see rises.
Data released by Statistics Norway earlier on Friday showed number of registered unemployed (unadjusted) was 2.8 percent of the labour force in November, unchanged from October.
Seasonally adjusted number of unemployed increased by 1 100 people in November. The sum of registered unemployed and job seekers on labour market measures (gross unemployment) increased by 500 people, more than consensus had for an increase of 200 people.
That said, the rise in gross unemployment since Norges Bank's September-meeting (the last three monthly figures we have) are only barely 900 people. Norges Bank's held key policy rate unchanged at 0.50 percent at its October meeting and made no changes to its rate path.
"Two months with a slight increase in unemployment is hardly enough to result in an interest rate cut at the December meeting, but the last two figures indicate a somewhat weaker labor market than it appeared late this summer," said DNB Bank in a report to clients.
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