Norway’s registered unemployment increased in July, in line with analyst expectations.
Unemployment, adjusted for seasonal variations, rose to 2.8 percent in the month, from 2.5 percent in June, according to a report from Norway’s labor and welfare office today. The rate was seen at 2.8 percent according to the median estimate of five economists surveyed by Bloomberg.
Norway’s central bank in June signaled an increased chance of an interest rate cut this year as inflation slows more than projected amid weakening economic growth in western Europe’s largest oil producer.
Norway’s $740 billion sovereign wealth fund, the world’s biggest, has largely shielded the nation from the fallout of a shrinking economy in the euro area, where unemployment is at 12.1 percent.
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