Unemployment hit a low of 3.1% in April and has been rising since then.
The unemployment figures for October published by Statistics Norway today make for sobering reading. The percentage of those on the labor market who are without a job rose from 3.9% in September to 4.3% in October. But not only did people become unemployed: some stopped looking for work, which led to the percentage of the population in the labor market falling from 61.2% to 60.3%.
It appears that the boost the labor market received from the end of the Covid-19 restrictions is coming to an end. Unemployment hit a low of 3.1% in April 2022 and has been rising since then. Unemployment of 4% is still considered low, including people who are between jobs. Nevertheless, the fact that unemployment has increased by 1.2% in six months may indicate that the recession associated with the immediate post-Covid period has slowed. The rise in interest rates could also be tightening the labor market.
Published by Globes, Israel Business News – en.globes.co.il – November 14, 2022.
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Unemployment Office Credit: Unemployment Services