Norway April unemployment down but economists pessimistic / News / The Foreigner

Norway April unemployment down but economists pessimistic. 3.5 per cent people of Norway’s workforce were without a job in April, latest seasonally-adjusted SSB figures show. Analysts also see a slowdown in the economy. According to Statistics Norway, who published their results, Wednesday, this is a 0.2 per cent decline on the previous month’s 98,000. 2,601,000 people aged between 15 and 74 – or 68.7 per cent of Norway’s population – were employed in April.

jobsnorway, norwayeconomy



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Norway April unemployment down but economists pessimistic

Published on Wednesday, 26th June, 2013 at 15:27 under the news category, by Michael Sandelson   .
Last Updated on 26th June 2013 at 15:40.

3.5 per cent people of Norway’s workforce were without a job in April, latest seasonally-adjusted SSB figures show. Analysts also see a slowdown in the economy.

Working week
Working week
Photo: Ed Yourdon/Flickr


According to Statistics Norway, who published their results, Wednesday, this is a 0.2 per cent decline on the previous month’s 98,000.

2,601,000 people aged between 15 and 74 – or 68.7 per cent of Norway’s population – were employed in April.

At the same time, those without work in that month were just 1,000 less than during the last financial crisis, which reached its peak in Norway roughly two years ago.

Today’s numbers come just five days after Norwegian Labour Prime Minister Jens Stoltenberg announced the current financial crisis is hitting Norway to a greater degree than first thought.

Senior DNB Markets analyst Kjersti Haugland tells Dagens Næringsliv “we’re seeing signs of a weakening on many fronts.”

“We had expected to see these, but it may have been worse than we thought.”

Some factors indicating this are a joint Norges Bank-Confederation of Norwegian Enterprise (NHO) business barometer that reveals signs of lower growth in all business sectors.

Moreover, property price growth flattened out last month, retail sales are developing more weakly, and there is a marked rise in the number of bankruptcies. Unemployment has risen and is now at 100,000, reports the paper about a labour force survey.

Nordea chief analyst Erik Bruce explains “we’ve transitioned from an approximately three per cent GDP growth for mainland Norway to a two per cent one.”

“It’s more of a normal growth in the economy, but unemployment will rise should immigration continue at a high pace,” DN quotes him as saying.

Mr Bruce also points out that new jobs growth is lower than the number of persons applying for positions.



Published on Wednesday, 26th June, 2013 at 15:27 under the news category, by Michael Sandelson   .
Last updated on 26th June 2013 at 15:40.

This post has the following tags: jobsnorway, norwayeconomy.





  
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