Unemployment fell by 1,000 people during August, according to seasonally adjusted figures from NAV.
The total of unemployed and job seekers on measures fell by 100 people.
Unemployment is now at 3.1 percent of the workforce, the same as in August last year and in line with what was expected.
– the unemployment rate continued to go down in August. Some of the decline is due to increased action level, but we also see that there are fewer people who are unemployed now than was the case last fall. The main picture so far this year is the sum of the unemployed and job seekers on measures now appears to have stabilized, said Labor and Welfare Director Sigrun Vågeng in a statement.
Can stop Norges Bank’s interest rate cut
DNB Markets are pleasantly surprised the numbers.
– This was stronger than expected, and three months consecutive drop in the seasonally adjusted gross unemployment. The diverging trend between LFS unemployment and registered unemployment figures from NAV thus continues, then LFS shows weak employment and gradually higher unemployment, writes macro economist Jeanette Power Couplers in a market updating.
– The registered unemployment figures however most important for Norges Bank, and current figures underpin our expectation that the policy rate will be kept unchanged at the next monetary policy meeting in September, she continues.
Senior Economist Halfdan Fenwick Gran Farm in Handelsbanken Capital Markets points out that Norges Bank will probably assess developments in the labor market to be consistent with their expectations.
– NAV unemployment been lower than expected, while the LFS unemployment (SSB labor force survey) has been higher than expected. This would in isolation cause the central bank concludes a stronger labor market than expected. However, we have seen weakness in employment growth in both LFS and national accounts, where employment growth was minus 0.1 per cent in Q2, he writes in a trading update.
– Labour force participation rate has also been falling, which normally indicates weakness in employment and overall economic activity, adding Gran Farm to.
84,700 unemployed
at the end of August, 84,700 people were registered as unemployed with NAV, which is unchanged from the same time last year.
the total of unemployed and job seekers on actions, gross unemployment, was at 99.000 people in late August, corresponding to 3.6 percent of the workforce.
This is 5,200 more than a year ago, when gross unemployment was 3.4 percent of the workforce.
Aust-Agder and Finnmark had the largest percentage decline in unemployment. Only South Trondelag had a slight increase, while the unemployment rate remained stable in four counties.
Unemployment fell (percentage) most in construction and retail and sales.
Within the engineering and ICT subjects continued unemployment to increase.
unemployment fell in 14 counties
According to NAV, the unemployment rate in August, lower in 14 of Norway’s counties, while five others have higher unemployment rates.
Compared to August last year falling unemployment most in Nord-Trøndelag and Sogn og Fjordane, almost certain respectively. 22 and 19 percent. While many other counties are experiencing a decline.
Unemployment rose the most in Rogaland and Hordaland.
at the end of August, the unemployment rate highest in Rogaland and Aust-Agder, respectively. 4.5 and 3.9 percent, while it is lowest in Oppland and Sogn og Fjordane, respectively. 1.6 and 1.9 percent.
By sector, falling unemployment most in teaching professions, ie by 17 percent from August last year.
On the other hand, unemployment in the same period increased most in engineering and ICT subjects – 28 percent.
Unemployment is highest in children and young people, as well as industrial services, respectively. 5.0 and 4.8 percent. Lowest unemployment in teaching and academic professions, respectively. 1.0 and 1.2 percent.
Several vacant more than a year
According to NAV of newly unemployed declined in recent months.
Meanwhile, the number of unemployed who have been unemployed for more than six months. The greatest increase in the group that has been job-seekers in 52-77 weeks, with an increase of 18 percent.
It is primarily in Rogaland and Hordaland the number of jobseekers in more than one increases . In several other counties see NAV declined.
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