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LFS Unemployment Rate Steady

SWEDEN
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Swedish January LFS SA unemployment rate was steady at 8.2%, in line with consensus. It its November MPR, the Riksbank forecasted Q1 '24 unemployment at 8.3%, which seems on track given the labour market is expected continue to gradually loosen in the coming months.

  • The seasonally adjusted employment rate was steady at 69.2% for the fourth consecutive month. The Central Bank's forecast is for a softening in the employment rate to 68.9% in Q1 '24.
  • Today's data follows Tuesday's unemployment claims release from the Public Employment service, where the unemployment claims rate was steady at 6.6%. We noted on Tuesday that vacancies rose to 130k (from 119k), bringing the vacancies to unemployment claims ratio to 0.37 (vs 0.34 prior), still below the cycle high of 0.60 in May '23.
  • A reminder that Monday sees the release of January CPI, which will naturally be of higher importance to the Riksbank. We will follow with a preview bullet for this release later today.


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Swedish January LFS SA unemployment rate was steady at 8.2%, in line with consensus. It its November MPR, the Riksbank forecasted Q1 '24 unemployment at 8.3%, which seems on track given the labour market is expected continue to gradually loosen in the coming months.

  • The seasonally adjusted employment rate was steady at 69.2% for the fourth consecutive month. The Central Bank's forecast is for a softening in the employment rate to 68.9% in Q1 '24.
  • Today's data follows Tuesday's unemployment claims release from the Public Employment service, where the unemployment claims rate was steady at 6.6%. We noted on Tuesday that vacancies rose to 130k (from 119k), bringing the vacancies to unemployment claims ratio to 0.37 (vs 0.34 prior), still below the cycle high of 0.60 in May '23.
  • A reminder that Monday sees the release of January CPI, which will naturally be of higher importance to the Riksbank. We will follow with a preview bullet for this release later today.