Norway Surprise Unemployment Drop Cuts Odds of Rate Cut in 2024 [BNN Bloomberg (Canada)]
SVENSKA HANDELSBK UNS/ADR (SVNLY)
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Source: BNN Bloomberg
The seasonally adjusted registered jobless rate for August fell to 2% from the previous month's 2.1% that was the highest level in more than two years, data from the Norwegian Labor and Welfare Administration showed on Friday. While the figure was in line with Norges Bank's projection from June, it defied the forecasts by all analysts surveyed by Bloomberg who had expected the rate to remain at 2.1%. Norway's central bank is yet to embark on any easing, contrary to peers the Riksbank and the European Central Bank. It's backed by the Norwegian labor market, which has remained resilient thanks largely to demand for the nation's oil and gas, even as the mainland economy has barely kept growing since the start of last year. The jobless data adds to factors such as the weak krone that favor Norges Bank's current aggressive stance of keeping its benchmark rate at 4.5%, among the most hawkish in the rich world. “The previous month's negative surprise — a sharper-than-expected rise in
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