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Swedish Unemployment Better Than Expected in December

Swedish Unemployment Better Than Expected in December

Walker England, Kara Dailey,

Talking Points:

  • Sweden’s Unemployment Rate drops to 7.0% in December from 7.4% in November
  • Finance Ministry lowers growth forecast to 2.4% for 2015 and 2.7% for 2016
  • EURSEK moves off 2015 high; support found near 9.2500

At 7.0%, unemployment in Sweden came in well below the 7.4% consensus. Among those aged 15-74, 83K additional people were gainfully employed in December of 2014 when compared to the same month in 2013. With an employment rate 0.7pp higher (65.9%) the number of hours worked increased by 1.8% for an average of 141 million hours per week. This better than expected Labor Force Survey should come as welcome news to the Finance Ministry who, on Tuesday, issued a press release pertaining to the slow recovery in Sweden’s economy.

In the presence of significant downside risks to global growth, Finance Minister Magdalena Anderson, lowered Sweden’s growth forecast to 2.4% for this year (down from 3.0%) and 2.7% for 2016 (down from 3.2%). Consequently, public finances are expected to a show a deficit through the forecasted period. Furthermore, as net lending weakens, the unemployment rate is expected to average 7.7% this year. However, December’s figure comes in closer to the 7.3% forecasted in October’s Budget Bill.

EUR/SEK Daily Chart

dailyfx euro krona daily chart January 2015

Chart Created by Walker England Using MarketScope2.0

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.