Norway's unemployment rate increased slightly in October, reaching 2 percent of the workforce. The country has maintained low jobless figures for an extended period.
Official data shows 61,300 people were completely unemployed at the end of October. This represents a small uptick from previous months.
The seasonally adjusted unemployment rate rose to 2.2 percent in October. It had remained at 2.1 percent for several consecutive months before this increase.
When including partially unemployed people and job seekers in government programs, the total reached 94,500 registered job seekers. This accounts for 3.1 percent of Norway's workforce.
The central bank closely monitors unemployment figures when setting interest rates. They also consider inflation and general economic developments.
Economists note the changes driving this increase appear relatively minor. The seasonally adjusted data shows only 200 additional completely unemployed individuals.
One banking economist suggested this small increase likely won't trigger interest rate cuts. He referenced a previous situation where rising unemployment contributed to rate reductions.
Labor market officials describe the current unemployment level as relatively normal. They note the rate has returned to pre-pandemic levels after increasing since summer 2022.
The situation remains positive despite the slight uptick. Officials characterize the labor market conditions as still good.
Norway uses two main methods to measure unemployment. The registration-based method shows lower figures than the survey-based approach used by statistics authorities.
The registration method counts people actively registered as job seekers. The survey method interviews a sample of the population about their employment status.
This small unemployment increase reflects normal labor market fluctuations rather than economic distress. Norway continues to maintain one of Europe's strongest job markets.