Norway’s Adjusted Jobless Rate Rises to Highest Level Since 2022

Norway’s adjusted unemployment rose to the highest level in more than two years, in a sign of a softening labor market that may strengthen the case for the country’s central bank to cut interest rates after the summer.

The seasonally-adjusted registered jobless rate for May increased to 2%, the first increase in eight months and the highest level since February 2022, data from the Norwegian Labor and Welfare Administration showed on Friday. The rise was in line with Norges Bank’s projection, while analysts surveyed by Bloomberg had expected no change.