Norwegian unemployment remained steady at 4.7 percent over the past three months. Statistics Norway reports 144,000 people were without work in September. This matches the unemployment rate recorded during the previous two months.
Tonje Køber, section leader for labor market and wage statistics, highlighted the concerning trend. "If we exclude the pandemic period, we must go back to October 2016 to find a similarly high percentage," she said in the statistical release.
Unemployment had been climbing from February through July. The recent three-month period shows the situation has stabilized without further increases.
This persistent unemployment level suggests Norway's economy continues facing headwinds despite the country's typically strong labor market. The 4.7 percent rate represents a substantial number of job seekers in a nation known for low unemployment.
What does this mean for Norway's economic outlook? The flat trend over recent months indicates the labor market may have found a temporary equilibrium, though at higher levels than pre-pandemic norms.