Overall, 118,000 people unemployed, according to the latest figures from Statistics Norway. An unemployment rate of 4.3 percent is 0.1 percentage points higher than at the previous three-month period (March).
– It is particularly large dismissal rounds in oil and oil-related industries that contribute to this, writes senior analyst Thina Saltvedt in Nordea Markets in its morning report Wednesday.
During the year that has elapsed since the end of the second quarter last year to the second quarter of this year, 31,000 new workers entered the unemployment queue. Half of these were young people aged 15-24 years.
No bomb
As with the vast majority, also had Nordea estimates a slight increase to 4.3 percent. DNB Markets, referring to Reuters survey of expectations, taking LFS figures apparently with a small shrug.
“Today’s figures have enough little importance to Norges Bank’s assessment, and normally the central bank greater emphasis on unemployment figures from Nav coming on Friday. Market Reactions: None of significance, “writes Ole André Kjennerud in his commentary, which concentrates on monetary policy impacts of rising unemployment.
Although the increase in unemployment seem relatively weak, and that 0.1 percentage points are well within the margin of error for the Labour Force Survey, stressing SSB that the development is in line with a rising trend since last May.
Can rise more
According to Nordea analyst Saltvedt can the rising trend accelerating that, as a result of Statoil now considering postponing 14 new projects due to low oil prices and a weak outlook. The projects have a total investment budget of 57 billion.
– The recent fall in oil prices increases the risk of several projects on the Norwegian continental shelf can be put on hold and the demand for labor from this sector will deteriorate further, Printer Saltvedt. (© NTB)
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