Swedish Unemployment Rises as Falling Demand Hits Exporters
Swedish unemployment rose more than expected in November as companies in Nordic region’s largest economy cut jobs because of falling sales abroad.
The seasonally adjusted unemployment rose to 8.1 percent, from 7.7 percent the previous month, the Stockholm-based statistics office said today. The rate was predicted to rise to 7.8 percent, according to the median estimate of nine economists surveyed by Bloomberg. The non-seasonally adjusted rate rose to 7.5 percent from 7.1 percent.
Swedish unemployment will rise to an average 8.4 percent next year from 7.7 percent in 2012 as economic growth slows to 0.8 percent this and next year from 3.9 percent in 2011 because of falling demand for the Nordic country’s exports, Nordea Bank AB predicted on Dec. 5.
Ericsson AB (ERICB), the world’s largest maker of mobile phone networks, and truck maker Volvo AB, are among exporters who have announced job cuts in Sweden. Sweden sells about half of its output abroad, of which about 70 percent go to Europe where countries are cutting spending to reduce debt.
Sweden’s non-seasonally adjusted, trended rate, as measured by the number of people claiming benefits, remained at 4.6 percent in November, the Stockholm-based Public Employment Service said today. That was in line with the median forecast of five analysts surveyed by Bloomberg.
To contact the editor responsible for this story: Jonas Bergman in Oslo at email@example.com