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Fast Comment NorwayLFS unemployment in line with our and market expectations

  1. LFS unemployment unchanged at 3.9 percent in March
  2. Outcome in line with our and market expectations
  3. No deviation compared to Norges Bank, but registered unemployment has been running higher
LFS unemployment unchanged at 3.9 percent in March
According to the labour force survey (LFS), both employment and the labour force remained roughly unchanged in March. As a consequence, the number of unemployed people remained at 108,000 persons. The outcome was fully in line with expectations, as both we and the market expected 3.9 percent in March. In its March Monetary Policy Report, Norges Bank expected the LFS unemployment rate to average 3.99 percent in Q1, before dropping to 3.9 percent in Q2. As such, developments so far appear to be well in line with Norges Bank’s short-term estimates. However, in its assessment of the state of the labour market, Norges Bank is more concerned with the registered figures. Thus far, registered unemployment has been somewhat higher than expected. We will receive the final round of registered figures prior to the June monetary policy meeting next Friday.


Source: Macrobond

Disclaimer

Halfdan Grangård

Senior Economist

Norway

hagr11@handelsbanken.no

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