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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
NORWAY
The Norwegian vacancy rate fell to its lowest since December 2021 in Q2 (to 3.1% from 3.7% in Q1), indicative of an ongoing rebalancing of the labour market. These developments, alongside lower-than-expected inflation outcomes, should be reflected in the Norges Bank’s September MPR rate path, which we expect will re-open the door to a rate cut towards the end of this year (i.e. December).
- The Norwegian Beveridge curve, calculated using both the LFS unemployment rate and the NAV unemployment claims rate (which the Norges Bank focuses on) displays this rebalancing. However, the vacancy rate remains outside of the 1.5-2.5% range seen broadly between 2010 and 2019.
- The real estate industry saw the largest fall in the vacancy rate to 2.3% (vs 4.4% in Q1).
- The August unemployment claims rate is due on Friday, which is expected to be steady at 2.1%. On Monday, the July LFS unemployment rate was 4.0% (vs a one tenth downwardly revised 4.0% prior).
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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