Norway's seasonally adjusted unemployment rate increased to 3.6 percent in the three months to July 2019 from 3.5 percent in the February-April 2019 period and beating market expectations of 3.4 percent. This was the highest jobless rate since January-March 2019 period, as the number of unemployed rose by 3,000 to 102,000 while the number of employed increased by 4,000 to 2.721 million. A year earlier, the unemployment rate was higher at 3.8 percent. Unemployment Rate in Norway averaged 3.66 percent from 1997 until 2019, reaching an all time high of 5.10 percent in January of 2016 and a record low of 2.40 percent in October of 2007.
Unemployment Rate in Norway is expected to be 3.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Norway to stand at 3.40 in 12 months time. In the long-term, the Norway Unemployment Rate is projected to trend around 3.60 percent in 2020, according to our econometric models.