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Financial News: Norway Jobless Rate Unexpectedly Climbs In July

Norway Jobless Rate Unexpectedly Climbs In July

07/31/2020 - 07:26:00 (RTTNews)

(RTTNews) - Norway's unemployment rate climbed in July, defying expectations for further easing, figures from the Labor and Welfare Service, or NAV, showed on Friday. The jobless rate rose to 4.9 percent from 4.8 percent in June. Economists had forecast a lower figure of 4.4 percent. The rate had peaked at 10.6 percent in March as the coronavirus, or Covid-19, pandemic hit Europe causing severe economic disruption. The number of registered unemployed grew to 139,838 in July from 135,988 in June. In July, 83,400 people were registered as partially unemployed, which is 41,800 fewer than at the end of June.

The decline in the number of partially unemployed is due to more people changing status from partially unemployed to completely unemployed during July, the NAV said.

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