Swedbank: Labour market indicators are improving

  • SwedbankThe crisis is receding in the labour market.
  • The unemployment rate is still relatively high, but the lack of suitable labour is a growing concern.

The labour market is recovering from the corona shock. The unemployment rate declined slightly from 7.1% in the first quarter to 6.9% in the second quarter. The total number of the unemployed amounted to 47,000 in the second quarter.

The number of the employed was up by 1.7% in a year but still well below the pre-crisis level. Employment grew in IT and health care, while demand for labour was still modest in tourism.

The labour market is expected to recover further in the future. Demand for labour has increased rapidly in the manufacturing industry as well as in services. The lack of suitable labour is at the pre-crisis level despite the unemployment rate being substantially higher. Around 30% of companies report hiring difficulties as their most important business constraint. The lack of suitable labour keeps wage growth rapid. Swedbank expects the average gross wage to increase by 6% in 2021.

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