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Thedeen Notes The Volatility Of Monthly Unemployment Data

RIKSBANK

Governor Thedeen confirmed that the Riksbank's decision and guidance is consistent with the March rate path (indicating 3 cuts through 2024).

  • Thedeen confirmed that a June rate cut was not likely at this stage.
  • The discussion of risks was largely in line with the monetary policy update. The need for caution in the easing cycle was cited by Thedeen.
  • Question from MNI : Were you surprised by the increase in unemployment in March? If vacancies are rising, is the labour market tightening or loosening?
  • A: There is a little more slack in the labour market than previously, but the monthly unemployment figures are volatile.Vacancies have been rising a touch, but are not high by historical standards.The labour market is weakening, but still is resilient, especially if you look at the employment picture, which shows a high employment rate.
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