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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.
SWEDEN
The Swedish July LFS unemployment rate was 8.6% after 8.2% in June. The Bloomberg consensus of 8.4% was formed of just four analysts. The 3mma of the unemployment rate, which smooths out some of the monthly volatility), remained at 8.3%, after reaching a cycle high of 8.4% in April/May.
- A Sahm rule calculation of the unemployment rate eased to 0.6 (vs 0.8 prior, and a cycle high of 1.2 in April), which suggests that the pace of labour market weakening appears to be easing somewhat. This shouldn't stand in the way of the Riksbank's planned easing cycle though, following the dovish tilt in guidance at Tuesday's meeting.
- The Riksbank’s June MPR sees the quarterly unemployment rate peaking in Q3 at 8.52%, before gradually falling towards 8.0% by late-2026.
- Employment growth was slightly negative on a 3m/3m basis in July, bringing the 3mma employment rate to 69.1% (vs 69.2% prior). This follows a 1-point fall in the Economic Tendency Indicator’s expected employment metric last month.
- Meanwhile, the 3mma inactivity rate rose a touch to 24.6% (vs 24.5% 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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