Norway since World War II Highest Unemployment 5.3 Rate

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Oslo Norway (By/Ahmed Tanveer): The Norwegian Labour and Welfare Administration (NAV) is the current Norwegian public welfare agency, which consists of the state Labour and Welfare Service as well as municipal welfare agencies. Norway‘s seasonally adjusted unemployment rate stood at 5.2 per cent in the three months to October 2020, unchanged from the May-July period, but below market expectations of 5.3 per cent. The number of unemployed declined by 1,000 from the three months to July to 147,000 while the number of employed increased by 17,000 to 2.705 million. A year earlier, the unemployment rate was 3.9 per cent. Last week, 430,000 people were registered as fully unemployed, partially unemployed or job seekers in Norway, according to preliminary figures from the Norwegian Labour and Welfare Administration (NAV). This represents 10.2 per cent of the labour force in the country. 287,000 people are registered as fully unemployed, while 130,000 people were registered as part-time job seekers. Thus, a total of 15.3 percent of the workforce was registered as job seekers with NAV. This is the highest unemployment rate in Norway since World War II. The main reason for this is a sharp increase in the number of layoffs as a result of the measures implemented to limit the spread of the coronavirus, says Labor and Welfare Director Sigrun Vågeng. In the first two weeks of Corona measures, Norway has gone from having 65,000 fully unemployed to 291,000.

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