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Weakness in Norway's labour market less than expected despite weak economic growth

Norges Bank’s Labour Agency survey released earlier today Norway's registered unemployed data which showed the number of registered unemployed fell to 3.1% of the labor force in April, vs 3.3% in March. The number of new job seekers has slowed in recent months, but increased marginally in April and was roughly 1,000 people per day, still a relatively high level.

Separate data showed that credit indicator C2 fell from 5.2% growth in February to 4.9% growth in March. Household credit growth slowed from 6.0% in February to 5.8% in March. Consumer Confidence Index rose 5.2 points from March to -4.4 points in April, but remains in negative for 18th consecutive month.

Data indicates that the activity as a whole has evolved broadly in line with expectations from February. Norges Bank’s survey Regional network confirms that the economy is stagnating, but the impact on the number of registered unemployed seems small.

"We do not believe the current round of numbers indicates that Norges Bank will change the view of the Norwegian economy." said DNB Bank in a report.

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