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Sweden unemployment increased as rate edge to 7.5 percent

Thursday, 13 December 2012
The Swedish unemployment rate increased in November signally the struggling position the country's economy is maintaining.
Nearly 10,000 people were given notices in November, the second month in a row as many people found out that they risk losing their job, the Swedish Employment Service said. It also adds that manufacturing sector is still the hardest hit as demand for exports weaken, but all sectors are now in a downward spiral.
This comes after latest unemployment data release today show that the number of people in employed persons aged 15-74 years in November amounted to 4 644 000 whereas, the number of temporarily employed decreased by 47 000 compared to November 2011. The unemployment rate was 7.5 percent, an increase of 0.8 percentage point, official data from Statistic Sweden, released on Thursday show.

The number for notices the since November has shown to persists. November was the second month in a row which about 10 000 people lost their jobs or where on the route to loosing their jobs. If this persists, it would be catastrophic to the Swedish economy especially the real estate sector that had seen a strong number of Swedes owning homes. By most counts, Swedish homes are very over valued and thus expensive. How would they pay their mortgages is a question that should be left hanging.
See details and more data release from Statistic Sweden here
By Team

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