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Unemployment In Line - Labour Market Still Shows Tightness

NORWAY

Norwegian unemployment inline with Norges Bank view of "still tight" labour market

  • This morning's 1.8% unemployment rate was in line with consensus and steady vs September. September's MPR forecasted unemployment at 1.87% in Q3 and 1.95% in Q4 - meaning today's release confirms the bank's view that jobs markets are "still tight"
  • Vacancies rose by 1,800 per working day, 15% fewer vs October 2022. While demand for labour is still high, there is thus some evidence of softening.
  • NOK did not react meaningfully on the release, but sits weaker against the G10 on the day - with NOKSEK 0.4% lower at typing.

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