UPDATE 2-Norway's unemployment rate soars to above 10% due to coronavirus, highest since 1930s [Reuters]
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Source: Reuters
UPDATE 2-Norway's unemployment rate soars to above 10% due to coronavirus, highest since 1930s - Reuters 4 Min Read * Unemployment rate surges to 10.9% from 2.3% in Feb * Retailers, tourism worst hit * Many layoffs expected to be temporary * Companies took advantage of emergency cut in notice period (Adds detail, background) By Terje Solsvik OSLO, March 24 (Reuters) - Norway’s unemployment rate soared five-fold this month to above 10%, its highest level since the 1930s, as companies announced mass layoffs and shutdowns amid efforts to combat the coronavirus outbreak, data showed on Tuesday. Tens of thousands of job cuts have been announced every day, although many of the layoffs are expected to be temporary and resulted from companies taking advantage of an emergency scheme to cut the mandatory redundancy notice period to just two days from two weeks. The country’s Labour and Welfare Agency (NAV) said registered unemployment had risen to 10.9% as of Tuesday, up from 5.3% a week ago an
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