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Sweden Unemployment Rate Highest Since Mid-2005

Sweden’s unemployment rate rose in June to its highest level since the middle of 2005, data from the Swedish Public Employment Service/AMV showed on Tuesday.

The data also showed that long-term unemployment was rising at a faster pace.

The unemployment rate rose to 5.66 percent in July from 5.54 percent in June. This was the highest rate since August 2005, when the rate was 5.93 percent.

In the same month last year, the jobless rate was 3.76 percent.

The registered jobless rate increased to 9.2 percent in July from 8.84 percent a month ago. This was the highest since the April 2010.

The number of registered unemployed increased to 4.78 million persons in July from 4.66 million in the previous month.

The youth unemployment rate, which is applied to the 18 to 24 age group, grew to 13.4 percent in July from 8.5 percent in the same period last year.

Unemployment increased in all groups, the agency said.

Nearly 165,000 people had been out of work for twelve months or more, by July, which is 16 percent more than in July last year. The clearest increase was with in the domestic-born group.

“It is clear that the pandemic has made the labor market situation even more difficult for more and more groups of registered unemployed,” Annika Sunden, head of analysis at the Swedish Public Employment Service, said.

“The risk of ending up in long-term unemployment is high, especially among those with a short education.”

The analyst pointed out that it is important to continue to motivate studies that lead to jobs.

The material has been provided by InstaForex Company – www.instaforex.com