Norway Unemployment Rate
Norway's Unemployment Rate reflects the rate of currently unemployed residents to the total civilian labor force. The employed are defined as persons aged between 15 and 74, who worked in gainful employment for at least one hour in the reported period, as well as those who had a job but were absent from work due to illness, vacation, strikes, etc.
The indicator is calculated by Statistics Norway (SSB) based on the telephone survey of labor force, which is conducted every quarter. The sample includes 12,000 families or 24,000 persons. Respondents answer questions about to their employment during the survey week. Each family from the sample receives questionnaires every 3 months, for two years, that is, it participates in the study 8 times. After that the selection is updated.
The unemployed are the persons who did not work during the survey week. A three-month average of responses is calculated for the final indicator, while the data is seasonally adjusted and is published with a one-month delay. Also, information on unemployment is sent to Eurostat which collects and compiles general European statistics.
The unemployment rate is an important indicator from the social and economic point of view. The growth of unemployment leads to a decrease in the incomes of individuals and therefore to a decrease in consumer activity. In addition, this increases the pressure on the state budget and reduces tax revenues. Therefore, higher than forecast readings are seen as negative for the Norwegian economy and for the national currency quotes.
The chart of the entire available history of the "Norway Unemployment Rate" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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