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PES Unemployment Data Consistent With Gradual Cooling

SWEDEN
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The Swedish April unemployment claims rate, reported by the Public Employment Service (PES), was steady at 6.6% SA for the 5th consecutive month.

  • The vacancies to unemployment claims ratio rose a touch to 0.31 (vs 0.26 in March), but remains below levels seen in 2022/2023, with total vacancies around 20% below April 2023’s reading.
  • The number of people affected by notice of termination also rose slightly, to 6,218 vs 5,046 prior.
  • Overall, the data suggests that the labour market continues to cool.
  • The LFS data for April will be released on May 22, where focus will be on whether March’s surprising spike in the unemployment rate to 8.6% will be reversed (or revised) at all.

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The Swedish April unemployment claims rate, reported by the Public Employment Service (PES), was steady at 6.6% SA for the 5th consecutive month.

  • The vacancies to unemployment claims ratio rose a touch to 0.31 (vs 0.26 in March), but remains below levels seen in 2022/2023, with total vacancies around 20% below April 2023’s reading.
  • The number of people affected by notice of termination also rose slightly, to 6,218 vs 5,046 prior.
  • Overall, the data suggests that the labour market continues to cool.
  • The LFS data for April will be released on May 22, where focus will be on whether March’s surprising spike in the unemployment rate to 8.6% will be reversed (or revised) at all.