DATA TRACKER ON THE NORWEGIAN LABOUR MARKET
Unemployment falls to below pre-pandemic levels
Increased demand for labour through 2021 has contributed to the unemployment rate falling to below pre-pandemic levels at the start of 2022. In July 2022 (average for June, July and August) the unemployment rate stood at 3.1% (91 000 people), lower than pre-pandemic levels. Unemployment has fallen for both youth and the core working population.
One of the lowest unemployment levels in Europe
Unemployment has fallen in most European countries over the past months, and is now standing at around 6% for the EU as a whole, according to the latest data from Eurostat, down from the pandemic peak of 7.8% reached in August 2020.
Norway has historically had one of the lowest unemployment rates in Europe, with the lastest data showing Denmark at 4.5% and Sweden at 7.6%.
Youth unemployment has also improved in most countries, with the EU-average below its pre-pandemic level. Youth unemployment in Norway is more in line with other European countries, standing at 10% as of June 2022, compared to the EU-average of 13.6%.
International data on unemployment are from Eurostat. Note that for Sweden and Germany, the trend component is used, rather than the more volatile seasonally adjusted data (as per the way Eurostat publishes the data).