Norway’s seasonally adjusted unemployment drops in January

Norwegian unemployment dropped in January. The jobless figures for January in Norway came in on the Norges Bank’s forecast’s strong side again. On a seasonally adjusted basis, unemployment dropped by 1100 people. The central bank had anticipated a rise in the unemployment figure. The figures of unemployment underpin the view that the cycle has turned for Norway’s economy, noted Nordea Bank in a research report.

Norges Bank makes monthly projection for registered unemployment excluding those on labor market measures. The central bank’s expectation is in line with a rise by between 500 and 1000 persons per month. However, unemployment in January measured this way dropped 1200 persons. Thus the figures in January were evidently on the strong side to this.

“With better than expected unemployment figures, and with housing prices still increasing rapidly, Norges Bank will tolerate a stronger NOK than otherwise”, added Nordea Bank.