Norwegian registered unemployment falls slightly in January

Norwegian registered unemployment dropped a bit on a seasonally adjusted basis in January by 300 persons. This is slightly on the strong side to the central bank’s view. Norges Bank’s expectations were for the unemployment to remain unchanged.

After falling sharply through 2018, the downward trend in unemployment decelerated and moved comparatively sideways since April 2019. Today’s figures confirm the impression that the labor market in Norway is still strong.

In all, the development in registered unemployment has widely been consistent with Norges bank’s view, if anything a bit to the strong side.

“However, this should not have a major effect on the central bank’s view on rates”, said Nordea Bank.