- Key policy rate unchanged at 1.5 percent
- No new signals about the interest rate path ahead
- We maintain our forecast that the first interest rate hike will come in March 2013
- Core inflation lower than expected at 0.7% y-o-y in April
- Price growth in line with Norges Bank
- Key policy rate on hold today at 1.5%
- Manufacturing production down by 0.5% in March as duality increases
- The contraction contradicts surveys
- Does not change Norges Bank's strategy
- Stronger increase in output growth and better market prospects than expected
- Higher capacity utilisation than in the Q1 report
- Update adds to upside risks to Norges Bank's interest rate path
- LFS unemployment at 3.2% in Feb as expected
- Employment increases faster than labour force
- Strong labour market may produce higher wage growth than Norges Bank expects
- Manufacturing PMI comes in at 53.7 in April, down from 59.3 in March
- Downward correction larger than expected, new orders and employment indices drop
- PMI now more consistent with our view of modest growth in manufacturing ahead