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Thedeen Notes The Volatility Of Monthly Unemployment Data

RIKSBANK
HomepageBulletMarketsFixed Income BulletsForeign Exchange BulletsRiksbank Market News

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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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.