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112,000 Unemployed in Norway

Foto: Scanpix
New numbers from Statistics Norway indicate that 112,000 people are unemployed in Norway; however, the sun always shines behind the clouds as experts suggest the bottom may be reached.

According to work force survey conducted by Statistics Norway (SSB), 112,000 people were in average unemployed in the third quarter of 2003. The number is an increase of 21,000 compared to the same quarter last year.

The new numbers puts the unemployment rate at 4.6 percent.

Leveling out

“The numbers indicate a leveling out after a longer period of severe increase,” said Eric Bruce, main analyst at Nordea Markets, to TV 2 Nettavisen.

Bruce does not exclude the possibility of a continued increase during the fall, but mentioned at the same time that the numbers may be an indication that the highest level of unemployment has been reached.

“The numbers may indicate that we are close to the highest point of the unemployment curve,” Bruce said. “We are also expecting to see an effect of the massive encouragements in Norwegian economy through low interest and a weaker Krone.”

The employment rate shows an improvement from the second to the third quarter in 2003; however, Bruce still said he believes that we probably must wait until sometime on the New Year before the unemployment rate starts to fall.

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