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Unemployment Rate Steady As Labour Force Expands

SWEDEN
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The Swedish LFS SA unemployment rate held at 8.2% in June. The three analysts that submitted a forecast to Bloomberg had forecasted readings of between 8.4-8.6%.

  • The unemployment rate thus averaged 8.3% in Q2, below the Riksbank’s June projection of 8.5%.
  • However, the steadiness in the unemployment rate (or at least, lack of increase), reflected a rise in the labour force alongside a tick up in the number of unemployed persons.
  • Employment growth was 0.1% 3m/3m (vs -0.2% prior), bringing the 3m average of the employment rate to 69.2%. That’s above the Riksbank’s June projection of 68.9%.
  • Overall, this data isn’t enough to dissuade the Riksbank from cutting rates in August. The same can be said for Monday’s Q2 GDP indicator (which is often heavily revised, and probably shouldn’t be taken too seriously in any context).

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The Swedish LFS SA unemployment rate held at 8.2% in June. The three analysts that submitted a forecast to Bloomberg had forecasted readings of between 8.4-8.6%.

  • The unemployment rate thus averaged 8.3% in Q2, below the Riksbank’s June projection of 8.5%.
  • However, the steadiness in the unemployment rate (or at least, lack of increase), reflected a rise in the labour force alongside a tick up in the number of unemployed persons.
  • Employment growth was 0.1% 3m/3m (vs -0.2% prior), bringing the 3m average of the employment rate to 69.2%. That’s above the Riksbank’s June projection of 68.9%.
  • Overall, this data isn’t enough to dissuade the Riksbank from cutting rates in August. The same can be said for Monday’s Q2 GDP indicator (which is often heavily revised, and probably shouldn’t be taken too seriously in any context).