Norwegian jobless rate rises slightly in April

Norway’s LFS jobless rate rose in April from March’s print. The unemployment rate rose to 4.6 percent from 4.5 percent, as compared with consensus expectations of a decline to 3.3 percent. The Norwegian central bank expects the jobless rate to average 4.3 percent in the whole of 2017.

Meanwhile, employment rose in the nation by 3000 persons, but since labor supply rose 4000, the jobless rate rose.

According to a Nordea Bank research report, the unemployment is declining in Norway currently. This is seen from the more reliable registered unemployment. The trend in LFS unemployment is also consistent with this. It continues to be lower than 4.9 percent recorded last summer. Also, the more reliable National Accounts show that employment is rising.

LFS unemployment is slightly higher than anticipated by the Norges Bank. However, the central bank is expected to draw the right conclusion. All other indicators show that the labor market tighten faster than it had anticipated, stated Nordea Bank.

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