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Surprise fall in Swedish October unemployment than expected

Thursday, 15 November 2012
Swedish unemployment was 7.1 percent in October, not seasonally adjusted, according to latest official figures from Statistics Sweden's Labour Force Survey (LFS).
Analysts had expected an unemployment rate of 7.4 percent, thus the fall came as a surprise to most after lost of various bad economic news and indicators.

In October 2012, the number of employed persons aged 15-74 years amounted to 4 666 000. There were 26 000 fewer employed persons in the manufacturing industry.

The unemployment rate was 7.1 percent. On average the number of hours worked was 159.7 million per week. Seasonally adjusted data show that the increase in the number of employed persons has slowed down and the number of unemployed increased.

In October there was no significant change in the number of either employed or unemployed persons compared to October 2011. Monthly figures in the LFS are more uncertain than quarterly figures. The estimates for October could be more uncertain than normal. This could mean that the estimates for unemployed persons are underestimated.

In October 2012 the number of employed persons aged 15-74 amounted to 4 666 000. The employment rate was 65.5 percent. The number of employed persons in the manufacturing industry was 585 000, which is 26 000 fewer than October 2011. Seasonally adjusted the number of employed persons amounted to 4 682 000 which corresponds to an employment rate of 65.7 percent for the population aged 15-74.
On average, the number of hours worked in October 2012 amounted to 159.7 million per week, not seasonally adjusted. There is no statistically significant change compared to October 2011.

The number of unemployed persons aged 15-74 amounted to 356 000 in October 2012, corresponding to an unemployment rate of 7.1 percent. According to seasonally adjusted data the number of unemployed persons aged 15-74 amounted to 389 000, resulting in an unemployment rate of 7.7 percent.
The number of persons outside the labour force in October 2012 was 2 104 000, not seasonally adjusted.
by Scancomark.com Team / News source Statistic Sweden

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