Norwegian unemployment numbers fall in October

The Norwegian labor market data for the month of October affirms that the downward trend in unemployment continues with undiminished force, contrary to Norges Bank’s view, noted Nordea Bank in a research report.

Registered jobless rate, including those on labor market measures, dropped by 1900 persons in the month. Nordea Bank had expected a decline by 1000 persons. The unadjusted rate came in at 2.4 percent, as compared with consensus expectations of 2.5 percent.

Due to the time of measurement, NAV stated that the decline is slightly overstated. However, that could possibly not signify more than a few hundred persons.

Unemployment falls by 1000 person a month, more than the double anticipated by Norges Bank. If this continues, Norway’s labor market would be balanced by early 2018, and the real economy will argue for a first hike, stated Nordea Bank.

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