Norway registered unemployment continue increasing

Registered unemployment in Norway increased by 1000 persons in August, less than the expectation. The number was expected to increase to 1 500 persons, says Nordea bank. The number is also somewhat stronger than implied by Norges Bank's forecast.

The modest increase in registered unemployment stands in contrast to the sharp increase in the labour force survey which earlier this week indicated that unemployment rose to 4,5% in June. The gap between registered unemployment and the LFS is thus still very high, and they give two different views on how fast the labour market is deteriorating. As Norges Bank we put the most weight on registered unemployment.

Also retail sales figures were presented today. They were in line with consensus and showed a 0,5% m/m increase, notes Nordea Bank. The figures thus confirmed the ongoing weak trend in retail sales.