Unemployment has moved about sideways since the start of 2014 after an upward trend in 2013. But both we and Norges Bank has believed that growth was not strong enough to prevent a further rise. There was no support to that view in today’s figures, sooner the contrary. Registered unemployment including those on labor market measure fell by 1500 persons seasonally adjusted. However there is reason not to trust these figures as sign of the trend. They were taken up the weak after Easter and normally fewer apply for jobs the week after Easter according to NAV (The Norwegian Labour and Welfare Service).
Norges Bank will dismiss the drop this month as noise. Still it cannot avoid the conclusion that labour market figures has been on the strong side so far this year.
Nordea