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Norway’s unemployment unchanged in October, rate hike likely to be postponed until September 2019

Norwegian LFS jobless rate came in at 4 percent in October, unchanged from the prior month. The data was on par with consensus expectations of unchanged unemployment figure. Unemployment is now 0.1 percentage points lower than in July.

Meanwhile, employment rose by 4000 people from September to October and by 6000 people from the earlier three-month period. These figures have varied on a monthly basis; however, the quarterly figures are more stable and indicate a rather flat development in employment. In the October 2016 to September 2017 period, the employment rose 10,000 persons. Labor force in Norway was up 4000 people the last month and by 2000 from July.

Unemployment in Norway has been on a downward trend for some time, but employment has been flat. However, the recent figures indicate signs of a rising trend for employment as in employment figures from the national accounting system, noted DNB Markets in a research report. Figures might not change the central bank’s overall assessments of the labor market and Norges Bank highlights the registered unemployment figures.

Norges Bank, it its previous monetary policy report, hinted at a rate hike in December 2018. But the hike might be postponed until September 2019 as a weaker housing market is expected this year and lower wage growth is likely in the coming years, stated DNB Markets.

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