Norwegian unemployment falls in October

Norwegian unemployment dropped in the month of October. The jobless rate (not seasonally adjusted) in October dropped to 2.2 percent, down 0.1 percentage points from September. This is in line with consensus expectations. The seasonally adjusted jobless rate came in at 2.36 percent, noted DNB Markets. The Norwegian central bank, in its MPR from September, had anticipated 2.35 percent.

On a seasonally adjusted basis, the number of registered unemployed dropped by 600 persons in the month. Unemployed including people on labor market measures dropped by 1300 persons. The number of new jobseekers per working day was 740 in October, the lowest level since 2008.

In October, the unemployment dropped slightly more than anticipated, after a slight softer than expected outcome in the prior month. The unemployment figures have been clouded slightly by methodological changes the past months, noted DNB Markets. Adjusted for these changes, the jobless rate has risen slightly since June, but fell the last three months.

“The declining trend in unemployment seems to have flattened out both when looking at NAV and LFS statistics. This development is in line with Norges Bank’s assessment and we stick to our view that the policy rate will be increased to 1.00 percent in March”, stated DNB Markets.