Norway’s jobless rate falls to 2.6 percent

With major oil investments and low interests rates helping to fuel the job market, Norway’s unemployment rate dropped to 2.6 percent in August.

The number of people out of work fell by 1,400 over the course of the month, according to seasonally adjusted figures from the Norwegian Labour and Welfare Organisation (NAV).

“Norway is in a special situation. Despite weak economic development in Europe, there was marked drop in unemployment in August,” said Joakim Lystad, a director at NAV.

“This has to be viewed in the context of high oil investments, low interest rates, and high employment. However, it is too early to say if the decrease will continue,” he added.

In all, 68,400 people are registered with NAV as being fully unemployed, a figure that represents a four-percent drop on the same period last year.

Labour Minister Hanne Bjurstrøm noted that the number of people in employment had risen by 57,000 over the last year, according to figures presented last week by the national statistics agency.

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