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LFS Unemployment Trend Rate Steady, But Falls In SA Terms

NORWAY
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Norwegian LFS trend unemployment was 4.1% in May, with April’s reading revised a tenth higher to 4.1%. In seasonally adjusted terms, the rate fell two tenths to 4.1%.

  • The registered unemployment rate (equivalent to a claimant count rate) for May was 2.0%, meaning the wedge between the LFS and registered metrics fell to 2.1pp from 2.4pp in April.
  • In the June MPR, the Norges Bank noted that “The difference between NAV unemployment and LFS unemployment can largely be explained by the fact that the LFS better captures unemployed youths aged 15 to 19”.
  • Norges Bank has pointed to the impact of Ukrainian refugees in pushing up unemployment in the quarters ahead, as these people are “assumed to register as job seekers in the years ahead”.
  • LFS employment growth was -0.1% M/M in May, but this follows a strong 0.5% in April. The employment rate ticked down a touch to 69.6% SA.
  • Tomorrow sees the release of registered unemployment data for June, alongside Norges Bank’s daily FX purchases for July.

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Norwegian LFS trend unemployment was 4.1% in May, with April’s reading revised a tenth higher to 4.1%. In seasonally adjusted terms, the rate fell two tenths to 4.1%.

  • The registered unemployment rate (equivalent to a claimant count rate) for May was 2.0%, meaning the wedge between the LFS and registered metrics fell to 2.1pp from 2.4pp in April.
  • In the June MPR, the Norges Bank noted that “The difference between NAV unemployment and LFS unemployment can largely be explained by the fact that the LFS better captures unemployed youths aged 15 to 19”.
  • Norges Bank has pointed to the impact of Ukrainian refugees in pushing up unemployment in the quarters ahead, as these people are “assumed to register as job seekers in the years ahead”.
  • LFS employment growth was -0.1% M/M in May, but this follows a strong 0.5% in April. The employment rate ticked down a touch to 69.6% SA.
  • Tomorrow sees the release of registered unemployment data for June, alongside Norges Bank’s daily FX purchases for July.