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LFS Employment Growth Exceeds RNS Estimates In Q2

NORWAY
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The Norwegian June labour force survey saw Q2 employment growth exceed estimates from the June Regional Network Survey (RNS), at 0.3% Q/Q (vs -0.1% in Q1, 0.1% projection by RNS contacts).

  • This was aided by a 0.4% increase in employed persons in June compared to March,
  • The LFS unemployment rate remained at 4.1% on both the trend and seasonally adjusted measures versus May, while the participation rate rose a touch to 72.7% (vs 72.6% prior).
  • Overall, the data is consistent with Norges Bank forecasts for overall mainland activity to be more resilient in 2024 than assumed at the start of this year (though of course the aggregate data masks large divergences in fortunes across industries).

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The Norwegian June labour force survey saw Q2 employment growth exceed estimates from the June Regional Network Survey (RNS), at 0.3% Q/Q (vs -0.1% in Q1, 0.1% projection by RNS contacts).

  • This was aided by a 0.4% increase in employed persons in June compared to March,
  • The LFS unemployment rate remained at 4.1% on both the trend and seasonally adjusted measures versus May, while the participation rate rose a touch to 72.7% (vs 72.6% prior).
  • Overall, the data is consistent with Norges Bank forecasts for overall mainland activity to be more resilient in 2024 than assumed at the start of this year (though of course the aggregate data masks large divergences in fortunes across industries).