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Sweden — Unemployment unexpectedly reaches 9.8% in April 2010

25 May 2010

The latest Labour Force Survey for April 2010 published by Statistics Sweden (SCB), reveals that the number of unemployed unexpectedly increased by +80,000, of whom 54,000 were women. The unemployment rate equalled 9.8% of the labour force, not seasonally adjusted, and 9.3% according to seasonally adjusted data.

The actual unemployment rate contrasts with the predicted 9% unemployment rate for April 2010 and sent the Swedish Kronor down to a one year low versus the Dollar and the Euro.

In April 2010 the number of employed persons aged 15 to 74 amounted to 4,465,000. Compared to April 2009 there is no statistically significant change for both sexes, but the increase for men only amounted to 33,000.

The number of worked hours was on average 145.6 million per week.

Filip Andersson, Analyst at the Royal Bank of Scotland, commented to specialist publication Interactive Investor "the high unemployment is due to the increase in the labour force. If you look at the employment figure, there was only a small decline. I don't think this is as bad as it looks due to the employment figures. The Kronor is weakening because there is a risk-off trade. Fundamentally, I expect it will come back."

To read the full Labour Force Survey in Swedish language please click here



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