Swedish Unemployment Rises as Falling Demand Hits ExportersJohan Carlstrom
Swedish unemployment rose last month as companies in the export-dependent country suffer from falling demand mainly from recession-burdened Europe.
Seasonally adjusted unemployment rose to 8.2 percent from 8 percent the previous month, the Stockholm-based statistics office said today. The rate was predicted to rise to 8.1 percent, according to the median estimate of seven economists surveyed by Bloomberg. The non-seasonally adjusted rate rose to 8.5 percent from 8.4 percent.
The Riksbank left its main lending rate unchanged at 1 percent last month after cutting it four times since December 2011 to cushion the effects of the European debt crisis.
Ericsson AB, the world’s largest maker of mobile phone networks, and truck maker Volvo AB, are among exporters who have announced it will cut jobs. Sweden sells about half of its output abroad, of which about 70 percent go to Europe where countries are cutting spending to reduce debt.