Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Sweden Krona Falls as Unemployment Gains for First Month in Six

July 10 (Bloomberg) -- The Swedish currency fell after a report showed registered unemployment rose in June for the first month since December as the largest Nordic economy is struggling to withstand a recession in the euro area.

The non-seasonally adjusted rate, as measured by the number of people claiming benefits, rose to 4.4 percent in June from 4 percent the previous month, the Stockholm-based Public Employment Service said in a statement on its website today. Seasonally adjusted the rate held at 4.5 percent.

The krona depreciated as much as 0.41 percent versus the euro and traded 0.38 percent lower at 8.7150 against the European currency at 8:44 a.m. in Stockholm.

Sweden’s central bank last week kept its main interest rate unchanged and stuck to a forecast for tightening to start in the second half of next year after a krona sell-off helped bring inflation closer to target.

The bank last week said output in the $540 billion economy will grow 1.5 percent this year compared with 0.7 percent in 2012. Swedish industrial production and orders fell more than predicted in May, Statistics Sweden said this week.

Exports, which make up about half of Swedish output, will fall 0.8 percent this year before rising as much as 4 percent next year, Finance Minister Anders Borg predicted last week.

The government is prepared to lower taxes and spend more to support growth and cut unemployment, he said.

To contact the reporter on this story: Johan Carlstrom in Stockholm at jcarlstrom@bloomberg.net.

To contact the editor responsible for this story: Jonas Bergman in Oslo at jbergman@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.