Norway unemployment rate drops to 4.5% in July

Norway's unemployment rate decreased to 4.5% in July, according to new figures from Statistics Norway (SSB). This marks a drop from the previous rate of 4.7%, signaling a positive trend in the labor market.

In July, there were 138,000 unemployed individuals, constituting 4.5% of the total labor force. Tonje Køber, section chief at SSB, noted the decline after a period where unemployment had hovered at 4.7%. The figures are based on the monthly Labor Force Survey (AKU).

The data also reveals a positive development for younger demographics. Among individuals aged 15 to 24, the employment rate saw an increase of 1.1 percentage points, while unemployment dropped by 0.6 percentage points.

Overall, the first half of the year saw an increase of 6,500 jobs in Norway, a 0.2% rise. The sectors experiencing the most significant job growth were health and social services, alongside public administration. Conversely, the construction and building industry saw a decrease of 1,450 jobs during the same period.

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After unemployment has been at 4.7 percent for a while, the latest figures show that it has fallen to 4.5 percent.