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Fast Comment NorwayLFS unemployment falls markedly to 3.5 percent in March; now better aligned with other information

  1. LFS unemployment down from 3.8 percent in February to 3.5 percent
  2. Healthy employment gains behind the fall in unemployment
  3. Both LFS and registered unemployment now slightly below Norges Bank’s forecast
LFS unemployment down from 3.8 percent in February to 3.5 percent in March
The LFS unemployment rate fell from 3.8 percent in February to 3.5 percent in March (three months of February-April). The outcome was lower than consensus' and our expectation of 3.7 percent. LFS unemployment is now at the lowest level since prior to the collapse in oil prices in 2014. A rebound in employment was the main driver of the fall in unemployment in March. For a while the LFS employment trend has been considerably weaker than reported by other sources (see figure). The upswing in March led to a narrowing of the gap, and our three main sources of labour market developments are now better aligned. Both LFS and registered unemployment are now somewhat lower than projected by Norges Bank at the March meeting. This supports our expectation of a rate hike in June.

 

 



Disclaimer

Halfdan Grangård

Senior Economist

Norway

hagr11@handelsbanken.no

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