NAV Norway Unemployment Rate n.s.a.

NAV Unemployment rate n.s.a. reflects a change in the rate of currently unemployed residents to the total civilian labor force. NAV Unemployment Rate in Norway is measured based on the data provided by the Norwegian Labour and Welfare Administration (NAV).

The unemployed are defined as residents of Norway aged between 16 and 65 who were ready to start work but did not worked during the reported week, who have been seeking employment within the previous four weeks by applying to an employment agency or an employer directly, or by responding to job ad.

The Norwegian Labour and Welfare Administration (NAV) collects unemployment data based on applications submitted to NAV by job seekers. Only applications submitted or updated in the previous two weeks are included in the report.

The indicator is used to assess the state of the labor market. It is not a forecast indicator, while its growth or decline is a result of changes in the economic situation.

Unemployment is important both from the social and economic point of view. The growth of unemployment leads to a decrease in the incomes of individuals and therefore to a decrease in consumer activity. In addition, this increases the pressure on the state budget and reduces tax revenues. Therefore, higher than expected indicator readings can be seen as negative for Norway krone quotes.