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Financial News: Sweden Unemployment Rate Eases Further

Sweden Unemployment Rate Eases Further

11/11/2021 - 06:06:00 (RTTNews)

(RTTNews) - Sweden's jobless rate continued its falling trend in October, preliminary data from the Public Employment Service showed Thursday. The unadjusted unemployment rate dropped to 7.3 percent from 7.5 percent in September. The rate has eased from its peak of 8.8 percent in January. The unemployment rate is back at the same level as in February 2020, before the corona pandemic broke out, the agency said. In the same month last year, the jobless rate was 8.8 percent. The number of unemployed fell to 377,011 persons from 455,020 persons a year ago. The youth unemployment rate, which applies to the 18-24 age group, was 9.3 percent versus 12.1 percent in the same month last year. The seasonally adjusted unemployment rate eased to 7.4 percent from 7.5 percent in the previous month. The number of long-term unemployed declined for a third month in a row and totaled about 184,000 persons at the end of October. That was over 12,000 more persons compared to the same month a year ago.

"Long-term unemployment has stabilized and the peak has been passed," Annika Sunden, chief analyst at the Swedish Public Employment Service said. "But among the long-term unemployed, more are without work for longer."

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