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Unemployment Claims Rate at 1.9% For 6th Month

NORWAY
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The Norwegian February SA unemployment claims rate was 1.9% for the 6th consecutive month. Combined with a 9% Y/Y increase in vacancies, the Norwegian labour market remains tight, and may continue to exert upward pressure on wages, hampering the disinflation process.

  • In the December MPR, Norges Bank forecasted unemployment at 1.98% in Q1 '24, rising to 2.24% at the end of the year.
  • A reminder that while the unemployment claims rate has remained steady in recent months, the LFS unemployment rate has drifted higher (last at 3.9% in January). We remain watchful of whether these trends will begin to show themselves in the claims data.
  • Elsewhere, the February manufacturing PMI rose to 51.9 (vs an upwardly revised 51.1 prior). The employment index rose to 53.2 from 51.8 in January. With the exception of July last year, this sub-index has been above 50 since September 2020.

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The Norwegian February SA unemployment claims rate was 1.9% for the 6th consecutive month. Combined with a 9% Y/Y increase in vacancies, the Norwegian labour market remains tight, and may continue to exert upward pressure on wages, hampering the disinflation process.

  • In the December MPR, Norges Bank forecasted unemployment at 1.98% in Q1 '24, rising to 2.24% at the end of the year.
  • A reminder that while the unemployment claims rate has remained steady in recent months, the LFS unemployment rate has drifted higher (last at 3.9% in January). We remain watchful of whether these trends will begin to show themselves in the claims data.
  • Elsewhere, the February manufacturing PMI rose to 51.9 (vs an upwardly revised 51.1 prior). The employment index rose to 53.2 from 51.8 in January. With the exception of July last year, this sub-index has been above 50 since September 2020.