Unemployment in Norway expected to rise this year and next
A period of record-low unemployment may be about to end, and a rise in jobseekers in Norway is expected in the coming months, according to recent figures and analysis.
Unemployment in Norway rose slightly in February, up 0.1 percent from January, the latest figures from Statistics Norway show.
In February, there were 105,000 unemployed people in Norway, an increase of 10,000 compared to the year before. The unemployment rate in Norway is currently 3.6 percent.
Additionally, the number of available jobs in Norway shrunk by 4,500. Still, Statistics Norway writes in its report that unemployment is still well below the 15-year average.
Meanwhile, the Norwegian Labour and Welfare Administration (NAV), which records its own unemployment figures, expects the number of those without a job to rise.
“The fact that costs are increasing is and will continue to be noticeable to both companies and most people. We, therefore, expect that the demand for labour will decrease somewhat and that unemployment will continue to increase somewhat,” Director of Employment and Welfare at NAV Hans Christian Holte said.
The good news is that while unemployment will rise, it will be quite moderate. NAV’s own unemployment rate is currently at 1.8 percent. Over the next year, it expects the number of those completely out of work to increase to 2.1 percent.
“Although unemployment will increase somewhat, there will still be low unemployment in Norway this year and until next year. We, therefore, expect that the Norwegian economy and the labour market will recover well through the encounter with high inflation and increased interest rates,” Holte said.
NAV said that those who work in industries where employment is affected by the economic cycle, like construction, IT and engineering, would see the most significant increases in unemployment.
Comments
See Also
Unemployment in Norway rose slightly in February, up 0.1 percent from January, the latest figures from Statistics Norway show.
In February, there were 105,000 unemployed people in Norway, an increase of 10,000 compared to the year before. The unemployment rate in Norway is currently 3.6 percent.
Additionally, the number of available jobs in Norway shrunk by 4,500. Still, Statistics Norway writes in its report that unemployment is still well below the 15-year average.
Meanwhile, the Norwegian Labour and Welfare Administration (NAV), which records its own unemployment figures, expects the number of those without a job to rise.
“The fact that costs are increasing is and will continue to be noticeable to both companies and most people. We, therefore, expect that the demand for labour will decrease somewhat and that unemployment will continue to increase somewhat,” Director of Employment and Welfare at NAV Hans Christian Holte said.
The good news is that while unemployment will rise, it will be quite moderate. NAV’s own unemployment rate is currently at 1.8 percent. Over the next year, it expects the number of those completely out of work to increase to 2.1 percent.
“Although unemployment will increase somewhat, there will still be low unemployment in Norway this year and until next year. We, therefore, expect that the Norwegian economy and the labour market will recover well through the encounter with high inflation and increased interest rates,” Holte said.
NAV said that those who work in industries where employment is affected by the economic cycle, like construction, IT and engineering, would see the most significant increases in unemployment.
Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.
Please log in here to leave a comment.